Australian Market

Macro Market Research

Engineering, Industrial Services & Associated Technologies

Week Ending: 7 June 2024

Significant Announcements During the Week: Edition Number: 535

SRG Global (SRG-AU) awarded multi-year term contracts totalling A$125M in Nicholas Assef
the energy and resources sectors across Australia. Contracts include a six-year Industry Lead
term contract with Rio Tinto, a contract extension with Origin Energy and an naa@lccapac.com
initial design and construction contract with BHP Iron Ore.
ALS (ALQ-AU) completes previously announced acquisition of Wessling, Joe Brereton
effective 31 May, after receiving approval from European authorities. Associate Director
jmb@lccapac.com
Service Stream (SSM-AU) secures multi-year agreements with a combined value
of ~A$600M. An initial 9-year term with Yarra Valley Water and an initial 4-year Julia Devitt
Victorian Road Maintenance Contract, with extension options for each, will Analyst
support critical infrastructure across the utility and transport sectors. jrd@lccapac.com
Mineral Resources (MIN-AU) sells 49% stake in Onslow Iron haul road to
Morgan Stanley Infrastructure Partners for total expected proceeds of A$1.3B.
MinRes will retain majority ownership and exclusive rights to use, operate and
maintain the Onslow Haul Road.

Percentage change % Change in basis point

Index Fixed income Yield
Week YTD 12-months Week YTD 12-months
(Australia) S&P / ASX200 2.06 3.55 10.42 (Australia) 2-year gov bonds 3.99 (0.01) (0.57) 0.27
(Japan) Topix (0.63) 16.42 24.87 (Australia) 5-year gov bonds 3.94 0.03 0.34 0.99
(Singapore) FTSE Strait Times Index (0.17) 2.79 4.76 (Australia) 10-year gov bonds 4.22 0.01 0.27 0.64
(Hong Kong) Hang Seng 1.59 7.74 (4.60)
(South Korea) Kospi 200 3.68 3.74 8.21 Rate Week YTD 12-months
(US) S&P 500 1.32 12.10 25.30 AUD to USD 0.6592 (0.87) (3.39) (1.11)
(US) Dow Jones Industrial 0.29 2.94 15.25
(UK) FTSE 100 (0.36) 6.62 8.15

LCC Engineering Portfolio Indexed to ASX All Ordinaries -3Y (%)

50.0%

40.0%
34.6%
30.0%

20.0%

10.0%
11.2%
0.0%

(10.0%)

(20.0%)
Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24

ASX All Ords. LCC Engineering Index

*LCC Engineering Portfolio is weighted by market capitalisation. Constituents are listed on the following page.

LCC Asia Pacific Research | Australian Engineering, Industrial Services & Associated Technologies Page 1
 LCC Asia Pacific® report on
Engineering, Industrial Services & Engineering Innovation

LCC Index Weekly Valuation Data

Mrkt Cap Open Close Week Week Weekly Volume EV/ EV/
Ticker Company Name
(A$m) Price Price High Low (A$) change (%) Trend EBITDA EBIT
Engineering Innovation
AMX-AU Aerometrex Ltd. 34 0.36 0.36 0.37 0.35 -1.4% 6.7x n.m.
ALQ-AU ALS Ltd. 7,059 14.30 14.58 14.62 14.30 3.3% 13.5x 18.6x
ASB-AU Austal Ltd. 877 2.43 2.42 2.51 2.35 1.3% 14.4x 401.9x
DUG-AU DUG Technology Ltd. 294 2.67 2.49 2.68 2.46 -6.4% 15.4x 28.2x
IMD-AU Imdex Ltd. 1,221 2.23 2.40 2.42 2.19 8.1% 12.1x 21.4x
IMB-AU Intelligent Monitoring Group Ltd. 106 0.43 0.44 0.44 0.39 8.6% 10.3x 23.6x
LBL-AU Laserbond Ltd. 85 0.67 0.73 0.73 0.67 9.0% 8.6x 13.1x
MAD-AU Mader Group Ltd. 1,216 6.45 6.08 6.49 5.97 -5.1% 15.2x 20.0x
MCE-AU Matrix Composites & Engineering 70 0.33 0.32 0.34 0.31 0.0% 28.5x n.m.
MYG-AU Mayfield Group Holdings Ltd. 72 0.80 0.79 0.80 0.79 -0.6% 9.8x 14.2x
ORI-AU Orica Ltd. 8,881 18.50 18.27 18.64 18.19 -0.3% 8.9x 14.1x
RUL-AU RPMGlobal Holdings Ltd. 599 2.74 2.68 2.78 2.65 -2.5% 49.3x 81.0x
SDV-AU SciDev Ltd. 70 0.34 0.37 0.38 0.34 10.4% 14.8x 128.2x
VYS-AU Vysarn Ltd. 123 0.31 0.30 0.31 0.29 -3.2% 10.0x 16.2x
Industrial Engineering Services
ACF-AU Acrow Ltd. 331 1.15 1.10 1.16 1.09 -3.9% 8.5x 13.4x
DOW-AU Downer EDI Ltd. 3,156 4.83 4.70 4.98 4.66 -2.1% 9.6x 31.8x
DUR-AU Duratec Ltd. 284 1.08 1.15 1.17 1.04 8.5% 6.2x 8.6x
DDB-AU Dynamic Group Holdings Ltd. 25 0.19 0.18 0.19 0.18 -5.3% 2.1x 7.6x
FWD-AU Fleetwood Ltd. 131 1.44 1.39 1.44 1.36 -3.1% 4.4x 11.5x
GNP-AU GenusPlus Group Ltd. 332 1.90 1.87 1.96 1.85 -1.6% 8.3x 14.1x
IPL-AU Incitec Pivot Ltd. 5,807 2.99 2.99 3.02 2.97 1.0% 10.2x 22.2x
JLG-AU Johns Lyng Group Ltd. 1,650 5.64 5.93 5.99 5.55 5.3% 13.2x 16.9x
LYL-AU Lycopodium Ltd. 481 12.15 12.10 12.30 11.64 -0.7% 5.5x 6.0x
MGH-AU MAAS Group Holdings Ltd. 1,426 4.20 4.35 4.37 4.10 3.3% 12.4x 18.1x
MIN-AU Mineral Resources Ltd. 13,448 72.18 68.63 72.86 68.18 -4.2% 10.5x 14.4x
SND-AU Saunders International Ltd. 101 0.83 0.85 0.86 0.83 2.4% 3.7x 4.5x
SSM-AU Service Stream Ltd. 755 1.26 1.23 1.26 1.19 -2.4% 7.1x 17.3x
SXE-AU Southern Cross Electrical Engineering 426 1.64 1.62 1.68 1.58 -0.3% 9.6x 12.1x
SRG-AU SRG Global Ltd. 461 0.88 0.89 0.90 0.86 -0.6% 5.8x 10.8x
SOP-AU Synertec Corp. Ltd. 42 0.08 0.08 0.09 0.08 0.0% n.m. n.m.
VRS-AU Veris Ltd. 24 0.05 0.05 0.06 0.05 -9.4% 3.1x 18.5x
WOR-AU Worley Ltd. 7,644 14.76 14.49 14.86 14.34 -1.1% 11.4x 16.7x
Mining Engineering Services
ANG-AU Austin Engineering Ltd. 311 0.50 0.53 0.54 0.50 3.9% 8.3x 10.3x
BOL-AU Boom Logistics Ltd. 61 0.15 0.15 0.15 0.14 -3.3% 2.9x 13.9x
BSA-AU BSA Ltd. 49 0.70 0.69 0.72 0.68 -6.8% 2.8x 3.4x
DCG-AU Decmil Group Ltd. 45 0.29 0.29 0.29 0.29 0.0% 36.0x n.m.
DRA-AU DRA Global Ltd. 115 2.10 2.07 2.25 1.80 0.5% n.m. n.m.
EHL-AU Emeco Holdings Ltd. 378 0.68 0.73 0.74 0.68 5.0% 2.5x 5.6x
EGN-AU Engenco Ltd. 62 0.19 0.20 0.20 0.17 -7.1% 4.3x 7.7x
GNG-AU GR Engineering Services Ltd. 371 2.19 2.22 2.23 2.14 2.3% 7.2x 8.3x
MAH-AU Macmahon Holdings Ltd. 614 0.29 0.29 0.29 0.28 1.8% 2.5x 6.9x
MYE-AU Metarock Group Ltd. 74 0.27 0.24 0.27 0.24 -11.1% n.m. 11.2x
MSV-AU Mitchell Services Ltd. 90 0.45 0.42 0.48 0.41 -6.7% 2.5x 7.2x
MND-AU Monadelphous Group Ltd. 1,296 14.00 13.30 14.04 13.22 -3.6% 11.5x 17.4x
NWH-AU NRW Holdings Ltd. 1,368 3.10 3.02 3.12 2.92 -1.9% 5.5x 10.4x
PRN-AU Perenti Ltd. 966 1.01 1.02 1.04 1.00 1.0% 2.6x 6.8x
RDG-AU Resource Development Group Ltd. 100 0.03 0.03 0.03 0.03 13.3% 9.3x 10.1x

*Only Includes ASX companies with a Market Capitalisation over A$25 million

LCC Asia Pacific Research | Australian Engineering, Industrial Services & Associated Technologies Page 2
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Engineering, Industrial Services & Associated Technologies

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