Monadelphous FVE Upgraded 5% to AUD 10.50 on Commodity-Buoyed Mining and Energy Revenue
We increase our fair value estimate for no-moat Monadelphous by 5% to AUD 10.50 from AUD 10.00, but the shares remain overvalued. Our upgrade reflects a combination of higher forecast revenue growth and time-value-of-money. Lower-than-previously-forecast midcycle EBITDA margin is a partial offset.We increase our forecast 5-year group revenue CAGR to 6.9% from 5.9%, which anticipates 2022 revenue of AUD 17.6 billion, up 40% from AUD 12.6 billion in fiscal 2017. Our prior 2022 revenue target was ...
Monadelphous Group provides construction, maintenance and industrial services to the resources, energy and infrastructure sectors. Co. has two operating divisions working predominately in Australia, with overseas operations in New Zealand, China, Papua New Guinea, Mongolia and the U.S. The Engineering Construction division provides large-scale multidisciplinary project management and construction services. The Maintenance and Industrial Services division focuses on the planning, management and execution of mechanical and electrical maintenance services, front-end scoping, shutdowns, fixed plant maintenance services, access solutions, mine dewatering services and sustaining capital works.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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