- 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 the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Eric Ong Maybank Research | https://www.maybank-ke.com.sg/ 2024-05-10
Read also Maybank's most recent report:
2024-08-30 Civmec - Strong Execution; 2HFY24 Results In Line.
Previous report by Maybank:
2024-07-02 Civmec - Secures AUD174m Of Contracts; Retain BUY.
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 Dividends & Corporate Actions,
Civmec News Articles
