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Recent ShareScene.com Radio Broadcast (19/08/2008 12:00:00):

MND - Full Year Results - Mr Rob Velletri, MD and Mr Giles Everist CFO


N.B. ShareScene.com Radio can normally be accessed by the 'RADIO' link, top of every page.


ShareScene.com Radio delivers investor presentations from ASX listed companies. Keep up to date with the latest corporate dealings of the shares you follow. Hear news direct from the source. Listen to directors and investor relations mangers discuss their company, give investor updates and brief on current results. ShareScene.com Radio keeps you informed about company announcements and events, and provides you daily market wraps and industry discussions.


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MND - a quiet achiever


MND; Industrials; Contract awards


Contract awards


Monadelphous has announced that it has secured a number of contract awards with a combined value of approximately $120m. Key details of the contracts include:


  • PNG (Oil Search): Three year contract extension for field construction services at Oil Search's oil and gas production facilities in PNG's Southern Highlands. Monadelphous will also provide upgrade services to the Kutubu and Gobe facilities for the PNG LNG projects. Work is scheduled for completion in 3Q12.
  • WA Pipeline: Monadelphous' recent acquisition, KT Pipeline Services, has been awarded a pipeline contract at CITIC Pacific's desalination plant at the Sino Iron project at Cape Preston. Work is scheduled for completion in early 2011.
  • WA Water Corp: Monadelphous has also been awarded a contract to supply, construct and commission a water treatment plant near Bunbury WA. The work is scheduled for completion in late 2011.
  • BHP Billiton RGP5: Monadelphous will also undertake structural and mechanical work on RGP5 at the port facilities at Finucane Island with work expected to be completed by December 2010.
GS&PA view


The announcement of these contract wins does not cause us to change our EPS forecasts for Monadelphous. We note that we are currently forecasting EPS growth of 4.6% (vs consensus 5.0%, source: Bloomberg) so these contract awards support our growth forecasts.


One key point to note is that Monadelphous tends not to announce as many new contract awards as some of its other Engineering and Construction (E&C) peers but this is because the company benefits from its long-term client/project relationship model which delivers good contract scope extensions and this is a key revenue growth driver.


There is no change to our EPS forecasts, valuation or HOLD recommendation. 12 Month Target Price: $17.74

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can only be a positive for the medium term for the likes of MND (just look at what they have done in the past for RIO and BHP)




Rio Tinto Group, the worldÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s third- largest mining company, approved a $3.1 billion expansion of its Australian iron ore operations, two days after scrapping a joint venture with BHP Billiton Ltd. to combine their ore mines. The expansion will raise iron ore capacity in Western AustraliaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Pilbara region to 283 million metric tons in 2013, the London-based company said today in a statement.
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