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WEEKLY

24 January 2014

WWW.LCC.ASIA

Australian Engineering & Mining Services

M&A Rumour and Activity The Australian market was down over the week with the S&P / ASX100 ending at 4353 points. The drop was in line with international markets as the US Federal Reserve looks to scale back quantitative easing. The Australian dollar continues to drop, ending the week at US87 cents. Forge (ASX:FGE) has entered into another trading halt, its third in as many months, with updated earning guidance to be given in the upcoming week. Concern is beginning to mount about the companys financial position with reports that several sub-contractors at Diamantina power station remain to be paid. Four deals were announced: Lycopodium Limited (ASX:LYL) has entered into a non-binding agreement to acquire a majority interest in ADP Holdings Limited, a South African based engineering business. Considerable synergies between businesses would enhance Lycopodiums commodity expertise and project capabilities within Africa and internationally. German based EPC Contractor, Juwi GmbH, is planning to acquire a majority stake in Qi Power (www.qipower.com.au), a solar PV developer. The combined entity is set to improve Juwis ability to provide EPC services for solar PV and wind projects in the Australia, New Zealand, PNG and South Pacific regions. Syngas Limited (ASX:SYS) entered into an agreement to acquire a civil engineering business from Multiquip Aggregates Pty Ltd. In a related transaction, SYS has entered into an agreement to acquire a quarrying business from CEAL Ltd. SYS will issue 22M shares to shareholders of CEAL Ltd and Multiquip Aggregates Pty Ltd with the sum of $5M from the capital raising used to pay out existing liabilities and monies lent to the project. Surveying consultancy, Fyfe Pty Ltd, has acquired NSW based surveyor Boardman Peasley (boardmanpeasley.net.au) for an undisclosed amount.

News Headlines and Key Sector Developments


Ticker News/Event
DCG Has been awarded an Atlas Iron contract valued at over $34M. The contract is for the design and construction of a major road project in the Pilbara, Western Australia Has entered a trading halt pending an announcement of an update on the forecast underlying earnings for the financial year ending 30 June 2014 Mr Irwin Tollman, Non-Executive Director, will retire from the Board as of 31 January 2014. The Board will commence the process to select a suitable replacement for Mr Tollman with immediate effect

Ticker News/Event
SSM Has proposed a placement of 42.5M shares at $0.22 per share to Thorney Opportunities Ltd, and other investors raising $9.35M. SSM is also conducting a rights issue to raise $10.7M at $0.18 per share to all eligible shareholders Signed a five year, $30M contract for managed ICT and mobility services with Optus Business Awarded a $83M contract to build nuclear medicine facility for the Australian Nuclear Science and Technology Organisation. Design planning will commence in February 2014, with the project scheduled for completion in early 2016

FGE

UGL

MND

WTP

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
24 January 2014

WWW.LCC.ASIA

Australian Engineering & Mining Services

Ticker Company Name

Market Cap Open Price Close Price Week High Week Low (AUD Million) (AUD) (AUD) (AUD) (AUD)

Weekly Volume % Change Trend

EV/ EBITDA

EV/ EBIT

AJL ASL AAX ANG BLY BKN BYL BOL BSA CDD CGH COF DCG DSB DOW EAL EGN EHL EVZ FWD FGE GCS GNG HDX IMD LEI LCM LYL MLD MAH MYE MIN MCE MND NMS NOD 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 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 Nomad Building Solutions 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

302 292 115 286 221 856 44 93 26 935 139 60 326 14 2,108 79 47 140 8 195 78 73 80 61 117 5,443 97 177 436 163 54 2,081 104 1,550 87 15 346 23 388 457 35 72 152 67 101 119 31 63 6 425 1,133 16 123 4,129 184

1.13 0.91 0.69 3.65 0.46 5.34 0.40 0.17 0.12 6.49 0.42 0.23 1.95 0.30 4.84 0.64 0.15 0.24 0.04 2.96 1.05 0.49 0.54 0.27 0.58 16.00 1.44 4.25 2.25 0.14 0.70 10.91 1.14 17.15 0.04 0.06 1.23 0.11 3.30 3.07 0.14 0.90 0.68 0.21 1.27 0.74 0.53 0.30 0.04 0.86 6.79 0.01 0.85 17.12 0.97

1.13 0.94 0.68 3.46 0.49 5.06 0.40 0.20 0.12 6.47 0.44 0.24 1.93 0.30 4.85 0.64 0.15 0.24 0.04 3.22 0.90 0.43 0.54 0.29 0.56 16.14 1.40 4.54 2.47 0.13 0.72 11.18 1.10 16.79 0.05 0.06 1.24 0.12 3.28 3.35 0.14 0.92 0.68 0.24 1.30 0.74 0.50 0.29 0.04 0.83 6.91 0.01 0.85 16.73 1.00

1.18 0.97 0.72 3.65 0.50 5.46 0.40 0.21 0.12 6.68 0.45 0.25 2.10 0.30 5.02 0.64 0.15 0.24 0.04 3.28 1.06 0.49 0.56 0.29 0.59 16.26 1.48 4.60 2.49 0.14 0.72 11.27 1.19 17.30 0.05 0.06 1.29 0.12 3.40 3.38 0.15 0.93 0.69 0.24 1.40 0.77 0.54 0.30 0.04 0.97 7.04 0.01 0.86 17.25 1.02

1.11 0.89 0.67 3.46 0.44 5.01 0.39 0.17 0.12 6.32 0.42 0.23 1.88 0.30 4.80 0.61 0.15 0.22 0.04 2.96 0.88 0.43 0.53 0.26 0.54 15.85 1.40 4.21 2.25 0.13 0.70 10.85 1.10 16.52 0.04 0.06 1.23 0.10 3.22 3.05 0.14 0.90 0.67 0.19 1.27 0.73 0.50 0.29 0.04 0.82 6.64 0.01 0.82 16.73 0.97

0.0% 3.3% -1.4% -5.2% 5.4% -5.2% 1.3% 14.7% -4.2% -0.3% 4.8% 2.2% -1.0% 0.0% 0.2% 0.8% 0.0% 2.1% -7.5% 8.8% -14.3% -11.3% 0.0% 9.4% -3.5% 0.9% -2.8% 6.8% 9.8% -3.7% 2.9% 2.5% -3.5% -2.1% 9.3% -8.3% 0.8% 14.3% -0.6% 9.1% 0.0% 2.2% 0.0% 14.6% 2.4% -0.7% -5.7% -1.7% 5.3% -2.9% 1.8% -18.2% 0.0% -2.3% 3.1%

NM NM 2.7x 4.9x 3.0x 3.9x 6.8x 8.2x 3.9x 11.7x 7.2x 10.7x 2.2x 3.8x 3.9x 8.4x 3.7x 10.8x 8.0x 9.7x 3.1x 6.1x 7.5x 13.9x 4.2x 4.7x 2.0x 2.8x 3.8x 6.9x 7.0x 8.2x NM NM 3.2x 9.3x 6.3x 8.6x 5.8x 9.6x 0.1x 0.1x 3.3x 5.3x 5.9x 6.5x 4.6x 6.6x 3.3x 4.4x 3.3x 6.4x 6.0x 6.4x 4.7x 5.0x 3.5x 5.3x 1.3x 2.7x 2.4x 3.4x 6.4x 9.7x 9.6x 126.9x 5.7x 6.5x 83.0x NM 1.1x 1.5x 2.6x 3.5x 2.5x 3.6x 6.9x 8.3x 6.5x 8.7x 2.9x 5.9x 7.6x 8.2x 2.3x 4.9x NM NM 3.9x 4.3x 2.7x 3.3x 2.8x 9.3x 2.1x 4.1x NM NM 5.0x 9.9x 15.5x 29.0x NM NM 4.7x 10.3x 8.2x 9.3x 2.5x 11.9x
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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