CIMIC GROUP (AU), a company active in the Heavy Construction industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date February 15, 2022, the closing price was AUD 15.62 and its potent...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We expect the Australian equity market to deliver low-mid single digit returns next year. Our Dynamic Asset Allocation preference is a mild overweight to Growth assets, given the relative attractiveness of equities to both bonds and credit. In Fixed Income we prefer Global markets over Australia even though the RBA has probably more work to do. In the ASX, the Risk: Reward skew is tilted more positive for Resources than Banks, particularly in H1 as the global economy shows signs of recover...
A director at Cimic Group Ltd maiden bought 10,000 shares at 36.801AUD and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
We increase our fair value estimate for no-moat Cimic to AUD 35.00 from AUD 34.50, due to the time value of money. Cimic reported steady first-half 2019 NPAT of AUD 367 million, below our AUD 400 million expectations. We read no long-term implications into our first-half earnings overcall, with company NPAT guidance for the full year remaining AUD 790-840 million. But given the weaker than anticipated first half, we reduce our 2019 NPAT forecast by 5% to AUD 798 million, now toward the lower end...
We increase our fair value estimate for no-moat Cimic to AUD 35.00 from AUD 34.50, due to the time value of money. Cimic reported steady first-half 2019 NPAT of AUD 367 million, below our AUD 400 million expectations. We read no long-term implications into our first-half earnings overcall, with company NPAT guidance for the full year remaining AUD 790-840 million. But given the weaker than anticipated first half, we reduce our 2019 NPAT forecast by 5% to AUD 798 million, now toward the lower end...
We increase our fair value estimate for no-moat Cimic to AUD 35.00 from AUD 34.50, due to the time value of money. Cimic reported steady first-half 2019 NPAT of AUD 367 million, below our AUD 400 million expectations. We read no long-term implications into our first-half earnings overcall, with company NPAT guidance for the full year remaining AUD 790-840 million. But given the weaker than anticipated first half, we reduce our 2019 NPAT forecast by 5% to AUD 798 million, now toward the lower end...
When combined, Australian private and public infrastructure spending is forecast to be around AUD 85 billion in 2023, or 40% below AUD 133 billion peaks reached in 2013. Our unchanged AUD 34.50 fair value estimate for no-moat Cimic assumes five-year revenue CAGR of 3.8% to AUD 17.7 billion by 2023. And that from a 2018 launch year revenue of AUD 14.7 billion, already 35% improved on the AUD 10.9 billion low plumbed in 2016. After adjusting for Cimic’s AUD 1.2 billion sale of John Holland in la...
When combined, Australian private and public infrastructure spending is forecast to be around AUD 85 billion in 2023, or 40% below AUD 133 billion peaks reached in 2013. Our unchanged AUD 34.50 fair value estimate for no-moat Cimic assumes five-year revenue CAGR of 3.8% to AUD 17.7 billion by 2023. And that from a 2018 launch year revenue of AUD 14.7 billion, already 35% improved on the AUD 10.9 billion low plumbed in 2016. After adjusting for Cimic’s AUD 1.2 billion sale of John Holland in la...
When combined, Australian private and public infrastructure spending is forecast to be around AUD 85 billion in 2023, or 40% below AUD 133 billion peaks reached in 2013. Our unchanged AUD 34.50 fair value estimate for no-moat Cimic assumes five-year revenue CAGR of 3.8% to AUD 17.7 billion by 2023. And that from a 2018 launch year revenue of AUD 14.7 billion, already 35% improved on the AUD 10.9 billion low plumbed in 2016. After adjusting for Cimic’s AUD 1.2 billion sale of John Holland in la...
We make no change to our AUD 34.50 per share fair value estimate for no-moat Cimic. The company confirmed 2019 NPAT guidance of AUD 790-840 million after announcing first-quarter 2019 NPAT up 5% year on year to AUD 181 million, in line with expectations. Our 2019 NPAT forecast is unchanged at a guidance high-end AUD 840 million or AUD 2.59 per share. Cimic reported quarter’s-end work-in-hand of AUD 36.9 billion, little changed from December 2018’s AUD 36.7 billion. Larger first-quarter wins...
We make no change to our AUD 34.50 per share fair value estimate for no-moat Cimic. The company confirmed 2019 NPAT guidance of AUD 790-840 million after announcing first-quarter 2019 NPAT up 5% year on year to AUD 181 million, in line with expectations. Our 2019 NPAT forecast is unchanged at a guidance high-end AUD 840 million or AUD 2.59 per share. Cimic reported quarter’s-end work-in-hand of AUD 36.9 billion, little changed from December 2018’s AUD 36.7 billion. Larger first-quarter wins ...
We make no change to our AUD 34.50 per share fair value estimate for no-moat Cimic. The company reported an 11% increase in underlying 2018 NPAT to AUD 781 million, marginally ahead of our AUD 761 million forecast, and at the top end of guidance. That modest beat reflects slightly better than anticipated revenue growth from all three major segments including construction, mining and services. Higher than anticipated net interest charge was only a partial offset. Net finance costs increased mainl...
We make no change to our AUD 34.50 per share fair value estimate for no-moat Cimic. The company reported an 11% increase in underlying 2018 NPAT to AUD 781 million, marginally ahead of our AUD 761 million forecast, and at the top end of guidance. That modest beat reflects slightly better than anticipated revenue growth from all three major segments including construction, mining and services. Higher than anticipated net interest charge was only a partial offset. Net finance costs increased mainl...
We make no change to our AUD 34.50 per share fair value estimate for no-moat Cimic. The company reported an 11% increase in underlying 2018 NPAT to AUD 781 million, marginally ahead of our AUD 761 million forecast, and at the top end of guidance. That modest beat reflects slightly better than anticipated revenue growth from all three major segments including construction, mining and services. Higher than anticipated net interest charge was only a partial offset. Net finance costs increased mainl...
We make no change to our AUD 34.50 per share fair value estimate for no-moat Cimic. The company reported an 11% increase in underlying 2018 NPAT to AUD 781 million, marginally ahead of our AUD 761 million forecast, and at the top end of guidance. That modest beat reflects slightly better than anticipated revenue growth from all three major segments including construction, mining and services. Higher than anticipated net interest charge was only a partial offset. Net finance costs increased mainl...
We increase our fair value estimate for no-moat Cimic by 8% to AUD 34.50 per share. Approximately two thirds is due an increase to our EBITDA growth assumption, and the balance simply reflects time value of money. For the group overall, we now assume EBITDA grows at a CAGR of 4.6% over the next five years to AUD 1.90 billion by 2022. This betters our prior assumption of a 3.2% CAGR to AUD 1.75 billion and reflects rebalancing in assumed growth drivers following recently announced contract wins. ...
During past years, Cimic Group endured significant construction project issues, slowing demand for mining services, Middle Eastern business woes, corruption allegations, and boardroom battles. Nevertheless, scale, long-term relationships, and balance sheet strength have always allowed it to maintain high levels of work, particularly large-scale infrastructure construction projects. These projects often involve higher levels of risk, as a result of fixed-price, fixed-time, and long-duration contr...
We increase our fair value estimate for no-moat Cimic by 8% to AUD 34.50 per share. Approximately two thirds is due an increase to our EBITDA growth assumption, and the balance simply reflects time value of money. For the group overall, we now assume EBITDA grows at a CAGR of 4.6% over the next five years to AUD 1.90 billion by 2022. This betters our prior assumption of a 3.2% CAGR to AUD 1.75 billion and reflects rebalancing in assumed growth drivers following recently announced contract wins. ...
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