Thanks for your reply.I just had a quick glance & i still prefer...

Thanks for your reply.
I just had a quick glance & i still prefer GNP. I don't believe SXE is better value sorry.
These are my reasons, based on FY21 financials.
1 / SXE revenue is not growing.
2 / SXE Return on net tangible equity is 23% vs GNP @ 26%
3 / SXE ROE is 8% vs GNP @ 23%
4 / SXE gross profit is 16% vs GNP @ 69%
5 / SXE CapEx appears to just be all maintenance CapEx & no spending for growth?

I'm not sure if SXE are able to design the infrastructure also which GNP can do, which i believe gives it more ability to win projects as they can handle the entire project from design through to commissioning. This allows better control of expenses & delivery of projects which is reflected in the gross margins. Possibly SXE win projects & source out other sub-contractors to complete the works on behalf of SXE??

Based on my quick glance i'm paying 5x EV/EBIT for SXE & 10x EV/EBIT for GNP, however GNP return on equity is 187% higher than SXE.
GNP has an ROCE of 22% & SXE has an ROCE of 11%.

IMO SXE my appears cheaper on simple metrics PE, P/BV, EV/EBIT but it should trade cheaper on these metrics as it doesn't appear to deliver the underlying values GNP offers. Growth in revs, ROE, ROCE, internal efficiencies etc.