Downer Maintains Fiscal 2019 Guidance Despite a Softer Than Anticipated 1H
We make no change to our AUD 5.70 per share fair value estimate for no-moat Downer. That’s despite lowering our underlying fiscal 2019 NPAT forecast by 3% to a guidance-equalling AUD 291 million or AUD 0.49 per share from AUD 0.51; one year’s earnings does not a fair value make. Downer reported a just 2% increase in underlying first-half fiscal 2019 NPAT to AUD 115 million, 14% below our AUD 134 million forecast. But its underlying fiscal 2019 NPAT guidance is unchanged at AUD 291 million, sugge...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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