No-Moat Downer’s Steady 1H Fiscal 2018 Profit in Line. No Change to AUD 5.00 FVE
We make no change to our AUD 5.00 per share fair value estimate for no-moat Downer. The company’s AUD 115 million first-half underlying fiscal 2018 NPAT was only slightly below our AUD 119 million forecast, a 50% increase on the previous corresponding period’s AUD 77 million. The fully franked AUD 0.13 interim dividend was marginally ahead of our AUD 0.12 expectations on a higher 67% payout. Inclusion of the Spotless business accounted for the lion’s share of earnings growth, though most segment...
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