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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  CIMIC Group Limited    CIM   AU000000CIM7

CIMIC GROUP LIMITED

(CIM)
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CIMIC : CPB Contractors wins $463m Sydney Metro Station project

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09/18/2019 | 10:07am EST

The NSW Government has awarded the contract, part of Sydney Metro, Australia's biggest public transport project, which will generate revenue of approximately $463 million to CPB Contractors for design and construction of the station.

The Integrated Station Development will provide a 250-metre-long underground Pitt Street Station running from Park Street to Bathurst St, between Pitt and Castlereagh Streets, connecting the two station entries with retail and other commercial facilities.

In addition, CPB Contractors will work with Oxford Properties Group for the design and construction of the two high-rise buildings above the station. The buildings will be 39-storeys each and comprise one commercial office building and one build to rent residential building. Revenue for this component of the project will be confirmed at contract execution.

CIMIC Group Chief Executive Officer Michael Wright said: 'This project continues CIMIC Group's strong track record of providing important infrastructure to benefit communities and help to drive continued economic growth.

'Our multi-disciplinary skills will be central to delivering this vibrant and important new public transport and commercial hub in the heart of Sydney's central business district.'

CPB Contractors Managing Director Juan Santamaria said: 'Award of this project consolidates CPB Contractors' position as a leading contractor delivering Sydney Metro, building on our work on Sydney Metro Northwest and Sydney Metro City & Southwest.

'Importantly, this is also a major step in the expansion and success of CPB Contractors' building sector, working across key commercial, health and community facilities.

'CPB Contractors is proud to be working closely with Sydney Metro, Oxford Properties and the local business community to deliver this important new station and two landmark high-rise towers.'

Work on the station will begin in 2020 and is expected to be concluded in 2023.

By 2024, Sydney Metro will deliver 31 metro stations and more than 66 kilometres of new metro rail. CPB Contractors, together with its joint venture partners, delivered the tunnelling and civil works for the recently-opened Sydney Metro Northwest and is currently constructing the 15.5km twin tunnels and associated fit-out works for Sydney Metro City & Southwest.

Contact:

Tel: 1300 855 080

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A. -0.45% 35.61 End-of-day quote.5.26%
CIMIC GROUP LIMITED -2.09% 33.79 End-of-day quote.-20.50%
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Financials (AUD)
Sales 2019 16 911 M
EBIT 2019 1 205 M
Net income 2019 800 M
Finance 2019 1 118 M
Yield 2019 4,63%
P/E ratio 2019 13,6x
P/E ratio 2020 12,9x
EV / Sales2019 0,59x
EV / Sales2020 0,56x
Capitalization 11 075 M
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Mean consensus HOLD
Number of Analysts 6
Average target price 36,55  AUD
Last Close Price 33,75  AUD
Spread / Highest target 17,0%
Spread / Average Target 8,30%
Spread / Lowest Target 3,70%
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Managers
NameTitle
Michael Wright Chief Executive Officer, Director & MD
Marcelino Fernández Verdes Executive Chairman
Ignacio Segura Suriñach Chief Operating Officer & Deputy CEO
Stefan Camphausen Chief Financial Officer
David Paul Robinson Non-Executive Director
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