No-Moat Downer’s Steady Fiscal 2017 Profit in Line. No Change to AUD 5.00 FVE
We make no change to our AUD 5.00 per share fair value estimate for no-moat Downer. The company’s AUD 182 million fiscal 2017 NPAT was slightly ahead of our AUD 170 million forecast, and in line with the previous corresponding period’s AUD 181 million. The fully franked AUD 0.24 full-year dividend was also marginally ahead of AUD 0.22 expectations on a 63% payout. An expected 30% decline in mining EBITDA to AUD 200 million was offset by generally improved performance from other segments. Group r...Downer EDI is engaged in providing services to customers which includes Transport Services; Technology and Communications Services; Utilities Services; Rail; Engineering, Construction and Maintenance; and Mining, in Australia and New Zealand and also in the Asia-Pacific region, South America and Southern Africa.
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