Monadelphous Fiscal 2016 NPAT Falls Slightly Short of Expectations, AUD 8.50 Fair Value Unchanged
We make no change to our AUD 8.50 per share fair value estimate but reduce our fiscal 2017 and 2018 earnings forecasts by 5% to AUD 0.65 per share and AUD 0.60 per share, respectively. Lower near-term earnings are not sufficient to detract from our longer-term fair value. Monadelphous' maintenance division in particular is well-positioned for growth. The company secured AUD 1.1 billion in new and extended contracts in fiscal 2016, including the Shell Australia Prelude FLNG services. Maintenance ...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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