Financials Monadelphous Group Limited

Equities

MND

AU000000MND5

Construction & Engineering

Market Closed - Australian S.E. Other stock markets 02:10:44 2024-04-26 am EDT			5-day change	1st Jan Change
13.43 ^AUD	-2.61%		+1.97%	-9.50%

Mar. 17	Monadelphous Receives Contract Variation LOI for Albemarle Lithium Project Construction	MT
Feb. 20	Transcript : Monadelphous Group Limited, H1 2024 Earnings Call, Feb 20, 2024

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,772	1,022	990.3	947.9	1,129	1,309	-	-
Enterprise Value (EV) ¹	1,646	905.9	815.4	776.2	951.6	1,099	1,106	1,112
P/E ratio	35.1 x	28 x	21.1 x	18.2 x	21.3 x	21.3 x	18.2 x	16.4 x
Yield	2.55%	3.23%	4.31%	4.52%	4.18%	3.99%	4.66%	5.06%
Capitalization / Revenue	1.1 x	0.62 x	0.51 x	0.52 x	0.65 x	0.65 x	0.6 x	0.56 x
EV / Revenue	1.02 x	0.55 x	0.42 x	0.43 x	0.55 x	0.55 x	0.5 x	0.48 x
EV / EBITDA	15.4 x	9.84 x	7.5 x	6.98 x	8.72 x	8.89 x	7.95 x	7.49 x
EV / FCF	-440 x	8.47 x	44 x	13.9 x	12.8 x	16 x	17.2 x	11.3 x
FCF Yield	-0.23%	11.8%	2.27%	7.18%	7.8%	6.24%	5.82%	8.88%
Price to Book	4.51 x	2.66 x	2.5 x	2.3 x	1.43 x	2.87 x	2.78 x	2.69 x
Nbr of stocks (in thousands)	94,202	94,480	94,761	95,263	96,342	97,463	-	-
Reference price ²	18.81	10.82	10.45	9.950	11.72	13.43	13.43	13.43
Announcement Date	8/19/19	8/17/20	8/23/21	8/22/22	8/21/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,608	1,651	1,953	1,810	1,726	2,015	2,196	2,330
EBITDA ¹	106.8	92.1	108.7	111.2	109.1	123.7	139.1	148.5
EBIT ¹	86	60.86	73.03	76.12	72.64	87.07	101.6	113.7
Operating Margin	5.35%	3.69%	3.74%	4.2%	4.21%	4.32%	4.63%	4.88%
Earnings before Tax (EBT) ¹	83.4	55.09	70.37	73.51	73.45	88.37	102	113.4
Net income ¹	50.56	36.48	47.06	52.22	53.54	61.32	72.1	77.72
Net margin	3.14%	2.21%	2.41%	2.88%	3.1%	3.04%	3.28%	3.34%
EPS ²	0.5362	0.3870	0.4945	0.5454	0.5502	0.6310	0.7397	0.8176
Free Cash Flow ¹	-3.742	107	18.54	55.75	74.25	68.57	64.33	98.69
FCF margin	-0.23%	6.48%	0.95%	3.08%	4.3%	3.4%	2.93%	4.24%
FCF Conversion (EBITDA)	-	116.13%	17.06%	50.14%	68.07%	55.44%	46.25%	66.46%
FCF Conversion (Net income)	-	293.16%	39.41%	106.77%	138.67%	111.83%	89.21%	126.98%
Dividend per Share ²	0.4800	0.3500	0.4500	0.4500	0.4900	0.5362	0.6261	0.6791
Announcement Date	8/19/19	8/17/20	8/23/21	8/22/22	8/21/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 S2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 S2	2026 S1	2026 S2
Net sales	852	798.8	947.8	1,005	995.1	407.6	407.6	815.3	448.4	448.4	896.8	828.9	1,003	-	-	974.9	-	-	1,057	-	1,000	1,128	1,077
EBITDA	59.13	32.7	57.05	51.65	60.95	-	-	50.25	-	-	58.23	50.86	61.29	-	-	-	-	-	73	-	-	79	-
EBIT ¹	44.26	16.54	41.74	31.3	45.53	10.76	10.76	30.59	17.95	23.55	41.5	32.79	43.5	18.4	18.4	40.96	28.3	28.3	51.84	24.9	49.95	55.62	58.51
Operating Margin	5.2%	2.07%	4.4%	3.11%	4.58%	2.64%	2.64%	3.75%	4%	5.25%	4.63%	3.96%	4.34%	-	-	4.2%	-	-	4.91%	-	4.99%	4.93%	5.43%
Earnings before Tax (EBT) ¹	42.2	12.9	39.24	31.13	44.75	14.38	14.38	28.76	19.87	-	39.74	33.7	44.78	18.8	19	37.8	28.8	28.9	55.35	25.5	51	58	-
Net income ¹	28.46	8.044	31.58	15.48	30.06	11.08	11.08	22.16	14.57	-	29.14	24.4	30.08	13.2	13.3	26.5	20.2	20.2	39.2	17.8	35.7	41	-
Net margin	3.34%	1.01%	3.33%	1.54%	3.02%	2.72%	2.72%	2.72%	3.25%	-	3.25%	2.94%	3%	-	-	2.72%	-	-	3.71%	-	3.57%	3.63%	-
EPS ²	0.3007	0.0863	-	0.1616	0.3154	-	-	0.2300	-	-	0.3005	0.2497	0.3067	0.1290	0.1300	0.3131	0.1970	0.1970	0.3591	0.1740	0.3676	0.3913	0.4204
Dividend per Share ²	0.2200	0.1300	0.2400	0.2300	0.2400	0.1300	0.1300	0.2100	0.1200	-	0.2400	0.2500	-	0.1290	0.1300	0.2580	0.1580	0.1580	0.3150	0.1740	0.3480	-	-
Announcement Date	2/17/20	8/17/20	2/22/21	8/23/21	2/21/22	2/20/23	8/22/22	8/22/22	2/20/23	2/20/23	2/20/23	8/21/23	2/19/24	-	-	-	-	-	-	-	-	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	126	116	175	172	178	210	203	197
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-3.74	107	18.5	55.8	74.2	68.6	64.3	98.7
ROE (net income / shareholders' equity)	14.6%	9.38%	12.1%	12.9%	12.2%	13.7%	15.7%	16.6%
ROA (Net income/ Total Assets)	8.36%	5.22%	6.31%	6.66%	6.87%	8.66%	9.6%	10.4%
Assets ¹	604.7	699.6	745.6	784.2	779.8	707.7	750.9	747.3
Book Value Per Share ²	4.170	4.070	4.170	4.330	8.180	4.680	4.830	4.980
Cash Flow per Share ²	0.1700	1.260	0.2800	0.6800	0.9600	1.520	1.120	1.380
Capex ¹	19.7	12.1	8.19	9.12	19	64.7	32.5	30.1
Capex / Sales	1.23%	0.73%	0.42%	0.5%	1.1%	3.21%	1.48%	1.29%
Announcement Date	8/19/19	8/17/20	8/23/21	8/22/22	8/21/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Monadelphous Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.43 AUD

Average target price

14.63 AUD

Spread / Average Target

+8.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
MONADELPHOUS GROUP LIMITED	-9.50%	854M
VINCI	-2.29%	67.67B
LARSEN & TOUBRO LIMITED	+2.13%	59.37B
QUANTA SERVICES, INC.	+21.25%	38.3B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+11.23%	30.73B
FERROVIAL SE	+2.06%	26.35B
CHINA RAILWAY GROUP LIMITED	+22.89%	22.01B
WSP GLOBAL INC.	+15.06%	19.47B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+22.99%	17.6B
EMCOR GROUP, INC.	+64.33%	16.64B

Other Construction & Engineering