No-Moat Cimic's First-Half Profit Improvement as Expected; No Change to FVE
We retain our AUD 25 per share fair value estimate, despite increasing our 2017 and 2018 EPS forecasts by 5% and 3% to AUD 2.08 and AUD 2.01, respectively. The short-term increase is insufficient to lift our fair value estimate. Cimic reported a 22% increase in first-half 2017 earnings to AUD 323 million, in line with expectations. But it achieved this on a slightly better-than-anticipated group average EBITDA margin of 11.3%, versus 10.4% in the previous corresponding period. We assume these be...CIMIC Group is a construction company and the contract miner. Co. provides construction, mining, engineering, public-private partnerships (PPP), and operation and maintenance services to the infrastructure, resources and property markets. Co. comprises the following main segments: construction, contract mining, PPP, engineering, Habtoor Leighton Group, and commercial and residential. Co. delivers its services through several companies: CPB Contractors Pty Ltd, Leighton Asia Limited, Thiess Pty Ltd, Pacific Partnerships, and EIC Activities Pty Ltd. Co. operates across the Australia Pacific, Asia, Middle East and Americas regions in the infrastructure, resources and property markets.
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