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WEEKLY

6 September 2013

WWW.LCC.ASIA

Australian Engineering & Mining Services

Market review The market was flat as the weekend election suppressed investor activity, although a decisive election result should help drive business and investor confidence in the coming weeks. Despite GDP numbers announced by the ABS (2.6% over the year to June) indicating that the economy is accelerating, Australias economic growth remains below its trend rate of 3% achieved during the pre-GFC period. The RBA kept the cash rate at a record low of 2.5% noting that global growth was running slightly below average this year, with reasonable prospects of an increase next year. The Australian dollar ended the week at US92 cents.

S&P/ASX 100 Index


4300

0.940

AUD vs USD

0.920

0.900

4100 7 Aug 13

22 Aug 13

6 Sep 13

0.880 7 Aug 13

22 Aug 13

6 Sep 13

Source: Capital IQ

News Headlines and Key Sector Developments


Ticker News/Event
BSA Has been suspended from quotation to permit the continued evaluation of correspondence BSA has received from the NSW Office of State Revenue in relation to a possible payroll tax liability Has been awarded the first stage of the major formwork and concrete works contract on the construction of a second office tower at the Brookfield Place development in Perths CBD. The initial component of the contract is valued at $10.4M Signed an engineering, procurement and construction contract for construction of the processing facility at the Roy Hill iron ore mine project near Newman, Western Australia. The value of the contract attributable to FGE is circa $830M and will be performed under a joint venture agreement with Duro Felguera Entered into a contract, to engineer, procure and construct Rio Tintos ore processing facilities at the Nammuldi Below Water Table Mine Project

Ticker News/Event
MND Secured a major construction contract with Rio Tinto Iron Ore at its Cape Lambert Port B Project in Western Australia. The contract, valued at approximately $235M, comprises structural mechanical and piping works Has finalised the sale of the fixed assets of the Meridian concrete business. The sale will generate positive cash flow of approximately $3.7M primarily from the release of working capital The underground diamond drilling division of SWK has had its Newmont APAC drilling contract renewed for a further three years

GCS

STS

FGE

SWK

MIN

WOR

Has received a letter of intent from Imperial Oil to renew the engineering and procurement agreement for the Syncrude CoSyn and Imperial Oil Upstream Alliances for a further 5 years
Source: Capital IQ, Thomson Reuters, LCC research

IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made. Page 1

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WEEKLY
6 September 2013

WWW.LCC.ASIA
Market Cap Open Price Close Price (AUD Million) (AUD) (AUD) High Low Weekly Volume % Change Trend EV/ EBITDA EV/ EBIT

Australian Engineering & Mining Services

Ticker Company Name

(AUD) (AUD)

AJL ASL AAX ANG BLY BKN BYL BOL BSA CDD CGH CLO COF DCG DSB DOW EAL EGN EHL EVZ FWD FGE GCS GNG HDX IMD LEI LCM LYL MLD MAH MYE MIN MCE MND NMS NWH OTC PRG RCR RQL SND SDM SSM SWL SXE STS SWK TPP TSE UGL VMG WDS WOR WTP

AJ Lucas Group Limited Ausdrill Limited Ausenco Limited Austin Engineering Limited Boart Longyear Limited Bradken Limited Brierty Limited Boom Logistics Limited BSA Limited Cardno Limited Calibre Group Limited Clough Limited Coffey International Limited Decmil Group Limited DeltaSBD Limited Downer EDI Limited E&A Limited Engenco Limited Emeco Holdings Limited EVZ Limited Fleetwood Corporation Limited Forge Group Limited Global Construction Services Limited GR Engineering Services Limited Hughes Drilling Pty Limited Imdex Limited Leighton Holdings Limited Logicamms Limited Lycopodium Limited MACA Limited MacMahon Holdings Limited Mastermyne Limited Mineral Resources Limited Matrix Composites & Engineering Monadelphous Group Limited Neptune Marine Services Limited NRW Holdings Limited OTOC Limited Programmed Maintenance Services RCR Tomlinson Limited Resource Equipment Limited Saunders International Limited Sedgman Limited Service Stream Limited Seymour Whyte Limited Southern Cross Electrical Engineering Structural Systems Limited Swick Mining Services Limited Tempo Australia Limited Transfield Services Limited UGL Limited VDM Group Limited WDS Limited WorleyParsons Limited Watpac Limited

380 573 203 271 234 1,034 41 66 38 945 160 1,138 64 439 22 1,929 72 53 131 11 203 483 89 107 49 164 6,171 118 183 417 176 72 2,118 76 1,882 72 429 22 296 468 42 68 155 43 111 188 28 55 8 607 1,294 10 98 5,472 132

1.37 1.47 1.63 3.47 0.48 5.70 0.37 0.14 0.17 6.42 0.52 1.45 0.23 2.28 0.42 4.15 0.63 0.17 0.18 0.05 3.08 5.43 0.46 0.59 0.29 0.69 17.52 1.54 4.58 2.39 0.13 0.89 11.17 0.87 18.70 0.04 1.42 0.10 2.52 3.36 0.16 0.91 0.68 0.13 1.39 1.03 0.41 0.30 0.05 1.17 7.41 0.01 0.74 22.00 0.65

1.42 1.84 1.64 3.70 0.52 6.11 0.38 0.14 0.17 6.60 0.52 1.47 0.25 2.60 0.48 4.45 0.64 0.17 0.23 0.05 3.36 5.60 0.53 0.71 0.27 0.78 18.30 1.69 4.71 2.42 0.14 0.95 11.39 0.80 20.70 0.04 1.54 0.12 2.50 3.50 0.17 0.87 0.71 0.15 1.42 1.17 0.45 0.33 0.05 1.19 7.93 0.01 0.68 22.17 0.72

1.44 1.92 1.66 3.76 0.52 6.31 0.38 0.15 0.17 6.75 0.54 1.47 0.26 2.63 0.48 4.56 0.68 0.17 0.23 0.06 3.38 5.97 0.58 0.71 0.29 0.82 18.75 1.69 4.82 2.52 0.14 0.98 11.65 0.88 20.82 0.04 1.62 0.12 2.59 3.53 0.18 0.91 0.72 0.16 1.49 1.17 0.46 0.33 0.05 1.38 8.11 0.01 0.74 22.50 0.73

1.37 1.43 1.61 3.43 0.47 5.67 0.36 0.14 0.17 6.24 0.49 1.45 0.23 2.28 0.41 4.11 0.60 0.16 0.18 0.05 3.08 5.43 0.46 0.59 0.26 0.69 17.40 1.45 4.58 2.34 0.13 0.87 11.11 0.80 18.62 0.03 1.40 0.09 2.42 3.35 0.15 0.84 0.68 0.12 1.37 1.02 0.39 0.30 0.05 1.16 7.41 0.01 0.65 21.76 0.65

3.6% 25.3% 0.6% 6.6% 7.3% 7.2% 2.7% 3.7% 0.0% 2.8% 0.0% 1.4% 11.1% 14.0% 14.3% 7.2% 0.8% 0.0% 28.6% 0.0% 9.1% 3.1% 14.1% 20.3% -6.9% 13.0% 4.5% 9.7% 2.8% 1.3% 7.7% 6.7% 2.0% -8.0% 10.7% 0.0% 8.5% 15.0% -0.8% 4.2% 6.3% -4.4% 3.7% 20.0% 2.2% 13.7% 9.8% 10.0% 4.2% 1.3% 7.0% -10.0% -8.1% 0.8% 10.0%

NM 3.7x 5.0x 6.5x 4.0x 8.2x 2.1x 3.4x 4.7x 8.1x 3.3x 6.9x 7.8x 5.7x 2.5x 3.5x 6.6x NM 3.2x 7.9x 5.9x 3.8x 3.7x 8.3x 3.9x 4.4x 3.7x 7.4x 4.9x 3.3x 1.4x 3.0x 6.5x 7.1x 7.0x 74.7x 3.1x 2.2x 5.8x 6.6x 3.3x 7.1x 2.3x NM 4.6x 4.9x 2.6x 1.9x NM 6.0x 16.9x NM 3.8x 10.5x NM

NM 6.7x 6.4x 7.8x 11.9x 12.1x 3.7x 7.4x 12.0x 9.8x 6.8x 7.2x 14.3x 6.4x 3.5x 6.4x 7.7x NM 9.1x 13.1x 9.6x 4.7x 5.9x 9.1x 5.7x 5.8x 7.8x 7.9x 5.2x 5.0x 2.8x 4.3x 9.9x 93.3x 8.0x NM 4.2x 3.1x 7.1x 9.0x 6.5x 7.6x 5.1x NM 5.1x 6.1x 8.6x 3.5x NM 11.7x 31.7x NM 8.3x 11.8x NM

So urce: Capital IQ, LCC research

IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made. Page 2

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