NRW's Valuation Doesn't Reflect Rosy Business Outlook -- Market Talk
Jun 29, 202306:15 GMT+8
NNWH+1.25%
The market appears not to believe that engineering contractor NRW can achieve FY 2024 Ebita of A$180 million, Jefferies says. The stock is trading on 6.7 times Ebit, toward the bottom of its historic trading range of 6-9 times, analyst Nicholas Rawlinson says. "In our view, the valuation is not reflective of the outlook for the business," Jefferies says. "NRW now has a stable contract Mining business with limited re-contracting risk, a Civil business at a cyclical low point and an ability to capture more of the downstream development cycle through Primero." NRW's latest letter of intent for contract mining work at Allkem's Mt Cattlin operation, starting August, gives Jefferies confidence that the Mining division can deliver A$130 million Ebita in FY 2024. So, only A$50 million is needed from its other divisions. ([email protected]; @dwinningWSJ)
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