Engineering & Mining Services Australian public sector market update on Merger & Acquisition and Corporate activity for the week ended 11th July 2014

1. 11 July 2014 WWW.LCC.ASIA
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.
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WEEKLYAustralianEngineering&MiningServices
M&A Rumour and Activity
The Australian market was down over the week with the S&P / ASX100 ending at 4563 points. The Australian dollar increased
over the week closing at US93.8 cents. Glenn Stevens warned investors to brace for a slump in the Australian dollar when the US
Federal Reserve starts to lift interest rates.
Calibre Group Limited (ASX:CGH), a diversified provider of engineering, consulting, project delivery, construction and asset
management services, announced that its wholly-owned infrastructure, construction and maintenance services business, G&S
Engineering Services Pty Limited (www.g-s.com.au), has acquired Ark Maintenance (www.arkm.com.au), a WA resource-focused
maintenance services firm for approximately $3.3 million. The acquisition is consistent with Calibre’s ongoing strategy of
expanding and strengthening its capabilities across the broader Resources, Energy and Infrastructure markets nationally.
Otto Marine Limited's (SGX:G4F) wholly owned subsidiary Otto Ventures Pte Limited, a marine geophysical services provider for
the oil and gas exploration industry in the Asia Pacific region, completed its share purchase agreement to acquire the remaining
10% stake in Go Marine Group Pty Limited (www.gomarinegroup.com.au) for SGD 6.3 million in stock. Go Marine Group is an
energy services company that provides integrated marine oil and gas logistics services.
It is believed that Ferrovial S.A. (CATS:FER), Bouygues S.A. (ENXTPA:EN) and VINCI S.A. (ENXTPA:DG) are preparing to
deliver indicative first round offers for Leighton Holdings’ (ASX:LEI) John Holland operations, rumoured to be due by 24 July
2014. It is also rumoured that AVJennings Limited (ASX:AVJ), Daiwa House Industry Co. Ltd. (TSE:1925) and Sekisui House Ltd.
(TSE:1928) are potential suitors for Leighton Holdings’ majority ownership in Devine Limited (ASX:DVN).
Kori Holdings Limited (Catalist:5VC), a civil/structural engineering and infrastructure construction services provider, acquired a
51% stake in Fuchiang Construction Pte Limited, a piling works and structural steel works construction services provider, for SGD
2.5 million.
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
BYL Announced the award of a $17M contract to construct the new
Airport Drive and associated infrastructure at Perth Airport
TPP Announced the award of a $13.4M contract for structural,
mechanical, piping miscellaneous works and commissioning
support at Rio Tinto’s Cape Lambert Port Expansion
DCG Announced the award of a $26M contract for the design, supply,
installation and commissioning of Rio Tinto’s Cape Lambert
Port B Non Process Infrastructure
TSE Announced it has secured a contract to manage Australian
Defence facilities across WA, NT, VIC, TAS and SA. The
initial contract term is for six years, with options to renew for
up to further four years. The annualised value is $270M
DOW Announced that its JV with Bombardier Transportation Australia
has been awarded a $40M maintenance contract by WA’s Public
Transport Authority
TTN Unaudited EBIT for the FY14 was in the order of $18.5m, a
result well above the $14.5m EBIT achieved during FY13 but
lower than the targeted range of $19.5M - $21.0M
LEI Announced the appointment of Kirstin Ferguson as an
Independent, Non-Executive Director, effective immediately
UGL Announced that the Chairman, Mr Trevor C Rowe, will retire at
the conclusion of the company’s 2014 AGM with Ms Kathryn
Spargo appointed to take his place
Source: Capital IQ, LCC research

2. 11 July 2014 WWW.LCC.ASIA
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.
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WEEKLYAustralianEngineering&MiningServices
Market Cap Open Price Close Price Week High Week Low Weekly Volume EV/ EV/
Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT
AJL 246 0.87 0.92 0.94 0.87 ▲ 5.7% NM NM
ASL 292 0.93 0.94 0.95 0.89 ▲ 0.5% 3.4x 7.2x
AAX 92 0.55 0.55 0.56 0.53 ▲ 0.9% NM NM
ANG 132 1.63 1.57 1.64 1.54 ▼ -3.7% 7.1x 10.7x
BLY 73 0.21 0.16 0.22 0.15 ▼ -22.0% 5.4x NM
BKN 722 4.22 4.22 4.27 4.08 — 0.0% 7.4x 12.2x
BYL 45 0.40 0.41 0.41 0.40 ▲ 1.3% 1.9x 3.6x
BOL 59 0.13 0.13 0.13 0.12 — 0.0% 3.4x 8.3x
BSA 22 0.10 0.10 0.10 0.10 ▼ -5.0% 4.5x 15.8x
CDD 1,029 6.73 6.41 6.75 6.40 ▼ -4.8% 8.9x 11.0x
CGH 145 0.40 0.43 0.43 0.40 ▲ 7.5% 3.5x 7.9x
COF 67 0.26 0.26 0.28 0.26 ▲ 2.0% 10.3x 25.6x
DCG 313 1.83 1.86 1.90 1.77 ▲ 1.4% 3.5x 3.9x
DSB 5 0.12 0.12 0.34 0.34 ▼ -4.2% 3.0x 8.4x
DOW 1,977 4.65 4.54 4.67 4.47 ▼ -2.4% 3.6x 6.3x
EAL 73 0.57 0.57 0.57 0.55 — 0.0% 6.4x 7.6x
EGN 36 0.12 0.12 0.15 0.15 ▼ -4.2% NM NM
EHL 119 0.21 0.21 0.22 0.21 ▼ -2.4% 4.9x 175.9x
EVZ 3 0.01 0.02 0.02 0.01 ▲ 15.4% 22.6x NM
FWD 143 2.36 2.36 2.40 2.27 — 0.0% 5.6x 10.9x
GCS 80 0.48 0.47 0.47 0.45 ▼ -1.1% 3.7x 6.0x
GNG 105 0.74 0.70 0.78 0.70 ▼ -5.4% 4.5x 4.8x
HDX 38 0.19 0.18 0.19 0.18 ▼ -5.3% 4.7x 7.2x
IMD 134 0.62 0.63 0.66 0.61 ▲ 2.4% 7.5x 16.8x
LEI 6,990 21.03 20.65 21.08 20.23 ▼ -1.8% 3.9x 7.2x
LCM 65 0.89 0.93 0.95 0.86 ▲ 4.5% 5.7x 6.6x
LYL 95 2.11 2.44 2.50 2.11 ▲ 15.6% 2.6x 2.8x
MLD 409 1.97 2.02 2.07 1.86 ▲ 2.8% 2.6x 4.0x
MAH 132 0.11 0.11 0.11 0.11 — 0.0% 1.3x 3.1x
MYE 31 0.45 0.42 0.45 0.42 ▼ -7.8% 2.3x 4.6x
MIN 1,976 9.98 10.59 10.66 9.74 ▲ 6.1% 3.8x 5.8x
MCE 113 1.22 1.19 1.23 1.17 ▼ -2.5% 8.3x 35.3x
MND 1,560 16.90 16.83 16.99 16.42 ▼ -0.4% 5.8x 6.5x
MRM 745 2.06 2.03 2.07 2.00 ▼ -1.5% 7.1x 11.2x
NOD 12 0.05 0.05 0.05 0.05 ▼ -2.2% 1.3x 1.5x
NWH 273 1.00 0.98 1.04 0.94 ▼ -1.5% 2.4x 3.7x
OTC 20 0.11 0.11 0.11 0.10 ▼ -4.5% 1.5x 2.1x
PRG 307 2.71 2.60 2.74 2.55 ▼ -4.1% 5.9x 7.1x
RCR 400 2.90 2.92 3.03 2.84 ▲ 0.7% 7.4x 9.5x
RQL 36 0.13 0.12 0.13 0.12 ▼ -11.5% 5.4x NM
SND 71 0.86 0.90 0.92 0.88 ▲ 4.7% 6.6x 7.2x
SDM Sedgman Limited 115 0.53 0.51 0.54 0.49 ▼ -3.8% 11.5x NM
SSM Service Stream Limited 77 0.21 0.20 0.22 0.20 ▼ -4.8% NM NM
SWL 167 1.92 1.90 1.97 1.90 ▼ -0.8% 7.4x 8.2x
SXE 91 0.54 0.57 0.57 0.54 ▲ 4.6% 1.9x 2.4x
STS 40 0.60 0.64 0.64 0.59 ▲ 6.7% 2.0x 6.0x
SWK 43 0.26 0.26 0.27 0.26 — 0.0% 2.4x 6.3x
TPP 15 0.09 0.09 0.12 0.08 ▼ -5.6% NM NM
TTN 111 2.25 2.19 2.32 2.08 ▼ -2.7% 5.2x 6.5x
TSE 651 1.25 1.27 1.29 1.22 ▲ 1.6% 7.0x 13.9x
UGL 1,166 7.25 7.10 7.25 7.01 ▼ -2.1% 13.8x 22.2x
VMG 31 0.01 0.01 0.01 0.01 — 0.0% NM NM
WDS 134 0.94 0.93 0.95 0.90 ▼ -1.6% 2.6x 4.8x
WOR 4,552 18.90 18.44 18.90 18.19 ▼ -2.4% 10.5x 11.8x
WTP 155 0.81 0.83 0.86 0.78 ▲ 3.1% 1.4x 7.0x
Source: Capital IQ, LCC research
UGL Limited
Ausdrill Limited
Watpac Limited
Lycopodium Limited
MACA Limited
MacMahon Holdings Limited
Mastermyne Limited
WorleyParsons Limited
VDM Group Limited
WDS Limited
Bradken Limited
Boom Logistics Limited
EVZ Limited
Fleetwood Corporation Limited
Downer EDI Limited
Ausenco Limited
Engenco Limited
Emeco Holdings Limited
Global Construction Services Limited
Coffey International Limited
Cardno Limited
BSA Limited
Brierty Limited
Decmil Group Limited
Austin Engineering Limited
Company Name
AJ Lucas Group Limited
Boart Longyear Limited
Calibre Group Limited
DeltaSBD Limited
Transfield Services Limited
Swick Mining Services Limited
Mermaid Marine Australia Limited
Monadelphous Group Limited
Mineral Resources Limited
OTOC Limited
RCR Tomlinson Limited
NRWHoldings Limited
Programmed Maintenance Services
Seymour Whyte Limited
Tempo Australia Limited
Titan Energy Services Limited
GR Engineering Services Limited
E&A Limited
Structural Systems Limited
Resource Equipment Limited
Saunders International Limited
Southern Cross Electrical Engineering
Matrix Composites & Engineering
Hughes Drilling Pty Limited
Logicamms Limited
Imdex Limited
Leighton Holdings Limited
Nomad Building Solutions Limited