Monadelphous Meets Fiscal 2018 Earnings Expectations and Sees More Infrastructure in its Future.
Our AUD 10.50 fair value for no-moat Monadelphous stands. The company reported fiscal 2018 NPAT of AUD 71.5 million, only marginally below our AUD 72.7 million expectations. Our long-term assumptions remain substantially unchanged. An element of the result that did surprise was its being achieved on higher than anticipated revenue, up 41% to AUD 1.78 billion. But this was negated by a commensurate increase in operating costs, EBITDA margin falling 120 basis points to 6.6%, and 60 basis points be...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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