Corporate Action: Sensible Bid for Spotless, but Don't Take up the Rights

Downer Institutional Shortfall - Poor Sentiment and Limited Synergy to Be Realised

Spotless Receives AUD 1.15 Per Share Takeover Bid From Downer; In Line With FVE

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

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Morningstar, Inc.

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Equity Bottom-Up

Despite a highly supportive macroeconomic environment in the past decade, Downer EDI's financial results have been mixed, with strong profitability in one division often offset by losses in another. Downer has been unable to establish an economic moat. Lack of earnings stability and legacy issues have plagued the company. In the past, Downer has also underperformed from an operational perspective, but the firm now appears to have learned some hard lessons. However, Downer's mining services, infrastructure, and rail divisions are facing the effects of lower demand, project delays, and increased competition.Analysts: Mark Taylor and Matthew Hodge

Despite a highly supportive macroeconomic environment in the past decade, Downer EDI's financial results have been mixed, with strong profitability in one division often offset by losses in another. Downer has been unable to establish an economic moat. Lack of earnings stability and legacy issues have plagued the company. In the past, Downer has also underperformed from an operational perspective, but the firm now appears to have learned some hard lessons. However, Downer's mining services, infrastructure, and rail divisions are facing the effects of lower demand, project delays, and increased competition.Analysts: Mark Taylor and Matthew Hodge

Infrastructure, Mining Services, and Rail Face Lower Demand During the Next Year

Downer EDI Ltd

Infrastructure, Mining Services, and Rail Face Lower Demand During the Next Year