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Contract Wins Growing Again for No-Moat Cimic in First-Half 2021. AUD 33.50 FVE Stands.

Mark Taylor Senior Equity Analyst

Analyst Note

| Mark Taylor |

Our AUD 33.50 fair value estimate for no-moat Cimic is unchanged. The civil engineering company reported a 34% decline in first-half 2021 NPAT to AUD 208 million, in line with our expectations. There were no one-off items. On a like-for-like basis (stripping out the impact of the 50% Theiss equity sale), first-half 2021 NPAT was marginally higher than the previous corresponding period’s restated AUD 205 million. Cimic maintains 2021 NPAT guidance of AUD 400 million to AUD 430 million, and our AUD 415 million forecast remains at the midpoint.

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Company Profile

Business Description

Cimic is Australia's largest contractor, providing engineering, construction, contract mining services to the infrastructure, mining, energy, and property sectors. The business structure consists of construction, contract mining, public-private partnerships, and property, along with 45%-owned Habtoor Leighton. Cimic has exited its Middle East business. ACS/Hochtief owns 76% of Cimic.

177 Pacific Highway, Level 25, North Sydney
Sydney, NSW, 2060, Australia
T +61 299256666
Sector Industrials
Industry Engineering & Construction
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 31,900

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