No-Moat Monadelphous Shares Priced for Something Special. Our FVE is Increased 8.5% to AUD 11.40.
Monadelphous shares have been on a tear again; at their AUD 19.30 mid-April peaks up 50% from December AUD 12.75 lows. So far there’s no obvious explanation for the rise. Our 8.5% increased AUD 11.40 fair value equates to an unchanged fiscal 2023 EV/EBITDA multiple of 7.9. The increase reflects higher near-term commodity price expectations, and time value of money. We recently increased our near-term iron ore price forecasts by around 8%, for example, given continued strong growth in steel deman...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.
We have operations in 27 countries.
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