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.