Weaker Monadelphous Profit Slightly Worse than Expected, Shares Still Overvalued
We make no change to our AUD 9.00 per share fair value estimate, or to our fiscal 2018 EPS forecast of AUD 0.70 for Monadelphous. Fiscal 2017 NPAT fell 13% to AUD 58.5 million or AUD 0.62 per share, about 10% weaker than our AUD 0.68 forecast. Group EBITDA margin fell to 7.7% from 8.3%, worse than expected, as was the 7% decline in revenue to AUD 1.26 billion. Resources and energy markets remained challenging with capital expenditure levels at historical lows and major LNG projects nearing compl...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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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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