Winners and Losers Among the Industrials
The pandemic and lockdowns continue to buffet companies such as Downer, EDI, CIMIC and Mirvac, as their December half or full year reports showed on Thursday.
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Cimic Group Limited
CIMIC Group is an engineering-led construction, mining, services and public private partnerships leader with a history dating back to 1899.
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We integrate a world of experience and expertise to amplify insights, develop future-ready solutions and deliver enduring value across the lifecycle of assets, infrastructure and resources projects.
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News
Improved Guidance for BlueScope on Steel Surge
The steel business continues to buoy the earnings of BlueScope, with higher demand on both sides of the Pacific - Australia and the US - leading to an increase in the company’s December half forecast.
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CIMIC Keeps Div Promise Despite Earnings Dip
Spanish-controlled contractor CIMIC has reinstated its interim dividend despite a dip in earnings for the six months to June, declaring it will pay a partially-franked 42 cents a share.
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Weak Cash Flow, Contracting Margins Send Cimic Shares Reeling
A disappointing full year result from Spanish-controlled contractor CIMIC Group saw the shares slump 17% at one stage before closing down 4.5% to $21.56.
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CIMIC Set To Slim Mining Exposure With 50% Sale Of Thiess
Spanish-controlled CIMIC Group (the former Leighton Holdings) has revealed it is on the verge of selling a 50% stake in its Thiess contracting business to the aggressive UK/US hedge fund, Elliott Advisors for an as yet unrevealed amount.
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Analyst Views
CIM – Credit Suisse rates the stock as Outperform
Credit Suisse upgrades to Outperform from Neutral and raises the target to $23.60 from $ 21.90.
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CIM – UBS rates the stock as Neutral
Cimic Group's third-quarter sales, operating income and net profit figures were in-line with UBS's estimate but the operating cash flow conversion, impacted by the slowdown of revenues and new work due to covid-19 and reduced debtor factoring, was weaker than expected.
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CIM – Macquarie rates the stock as Neutral
Cimic reported a weak March quarter, down -8% year on year. Based on the broker's run-rate to achieve FY20 forecasts, underpinned by 1-6% profit growth guidance, Cimic has fallen behind on the run-rate and the June quarter will bring the real impact.
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CIM – Credit Suisse rates the stock as Outperform
2019 underlying net profit was in line with guidance and expectations. This includes the previously-announced loss related to the exit of the BICC business in the Middle East.
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CIM – Macquarie rates the stock as Upgrade to Neutral from Underperform
First-half net profit was below expectations. Mining division strength stood out, delivering 26% growth in pre-tax profit. Operating cash flow was well below expectations. The company has indicated it is moving to alliance-style, rather than fixed-price, contracts which have a more even cash flow profile.
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