Civmec - Maybank Research 2024-05-10: 3Q24 A Slight Market Beat; Becoming A Yield Play

• Given the group’s strong EBITDA and net cash balance sheet, we expect Civmec to raise its FY24 dividend payout by 20% to AUD0.06 (1H24: AUD0.025 from AUD0.02 a year ago). This also translates into an attractive annualised yield of 6.9%.

Delivery on track

• - Read this at SGinvestors.io -
• We roll forward our valuation base to FY25E, still pegged at 10x P/E. Maintain BUY and target price of S$1.05.

Completion of defence work

• 3QFY24 turnover of AUD258.3m (+37.6% y-o-y) was higher than expected mainly attributed to faster revenue recognition on its key projects. That said, EBITDA margin narrowed by 2.4ppt to 12.2% due to higher manpower costs.
• - Read this at SGinvestors.io -

Maintenance the next growth engine

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-02-17 Civmec 1HFY25 Results Below Consensus - Near-term Challenging Outlook.

Previous report by Maybank:
2024-10-30 Civmec - Stable Performance; 1QFY25 Results In Line.

Price targets by other brokers at Civmec Target Prices.

Listing of research reports at Civmec Analyst Reports.

Relevant links:
Civmec Share Price History,
Civmec Announcements,
Civmec Dividend Payout Dates & Corporate Actions,
Civmec News