Nrw Holdings Limited

NRW is a leading provider of diversified services across the Australian mining, energy, civil infrastructure and urban development sectors, with extensive operations in Western Australia, Queensland, South Australia, New South Wales, and Victoria.

NRW’s geographical diversification is complemented by its delivery of a wide range of operations. These encompass civil expertise including bulk earthworks and concrete installation; contract mining and drill and blast. NRW also offers a leading original equipment manufacturing (OEM), specialist maintenance (shutdown services and onsite maintenance), industrial engineering and innovative materials handling design capability with comprehensive additional experience for refurbishment and rebuild service for earthmoving equipment and machinery.

ASX Code

ASX200 Capital Goods



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Mining Hits The Growth Cliff

On Wednesday the Australian Bureau of Resources and Energy Economics said 51 mineral projects, 18 gas and petroleum projects and 18 infrastructure projects worth $268 billion had been approved. Of the 87 projects, 11 mega projects worth more than $5 billion each, account for an aggregate $200 billion or 75 per cent of the total committed project value.

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Analyst Views

NWH – Citi rates the stock as Buy

The company has now won major contracts at Koodaideri and Eliwana. While the combined value is only $104m, Citi is more confident in its FY20 forecasts as a result, as this positions the company to win subsequent work from all three major iron ore producers in the Pilbara.

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NWH – Credit Suisse rates the stock as Neutral

The interim earnings were 9% below the broker’s forecast. Credit Suisse observes the margins were affected by the late ramp up of key projects and low levels of Drill & Blast rig utilisation. The broker maintains a Neutral rating, believing the stock is potentially interesting if it can address the FY16 earnings hole, where Credit Suisse expects a 33% decline.

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