Monadelphous is riding the last wave of mining and energy projects
We increase our fair value estimate for no-moat Monadelphous by 11% to AUD 10.00. First-half fiscal 2018 NPAT of AUD 38.3 million was close to expectations though not for the reasons we’d forecast. Revenue from both the engineering construction and maintenance and industrial services segments was well ahead of our expectation, increasing by a combined 38% to AUD 874 million. But the EBITDA margin on this activity, not split out by segment, was well below expectations, coming in at just 8.7% befo...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.
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