External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

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Equity Bottom-Up

MMA Offshore Limited provides diversified marine services. The Company operates mainly in the Dampier and North West Shelf in Western Australia and also in the Northern Territory. MMA Offshore operates crew vessel charters, vessel manning, management and logistics along with operating supply base facilities.

<div><ul><li>Cyan MMA Holdings Pty Ltd (Cyan) has increased its scheme consideration to $2.70 cash per share, up from $2.60 per share and has designated the offer as best and final.</li><li>A supplementary Scheme Booklet is expected to be released 21 June; scheme voting is for 1 July.</li><li>MMA Offshore Ltd (MRM) recently released a 2H24 trading update, noting earnings visibility and performance across the current half has continued to improve.</li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Cyan MMA Holdings Pty Ltd (Cyan) has increased its scheme consideration to $2.70 cash per share, up from $2.60 per share and has designated the offer as best and final.A supplementary Scheme Booklet is expected to be released 21 June; scheme voting is for 1 July.MMA Offshore Ltd (MRM) recently released a 2H24 trading update, noting earnings visibility and performance across the current half has continued to improve.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MMA Offshore Ltd - Increased Scheme Offer of $2.70/Share; Trading Update

Supply Network Limited provides after sales service for the commercial vehicle (truck, bus and coach) market.  The Company provides these services through its branches in Australia and New Zealand.

<ul><li>FY24 guidance slightly stronger than expected. SNL provided FY24 guidance, expecting revenue to be around $300m and NPAT of around $32m (+17% pcp).</li><li>Revenue guidance implies +19% topline growth and whilst this was significantly stronger than SNL's former guidance for revenue growth, 'close to or slightly above our 10-year average of 14%,' it was in line with consensus.</li><li>NPAT guidance was marginally ahead of consensus estimates.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

FY24 guidance slightly stronger than expected. SNL provided FY24 guidance, expecting revenue to be around $300m and NPAT of around $32m (+17% pcp).Revenue guidance implies +19% topline growth and whilst this was significantly stronger than SNL's former guidance for revenue growth, 'close to or slightly above our 10-year average of 14%,' it was in line with consensus.NPAT guidance was marginally ahead of consensus estimates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Supply Network Limited - Keep on Truckin'

Silk Logistics Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides port logistics, warehousing, and distribution services for FMCG, retail, light industrial, food, and dairy sectors. Silk Logistics Holdings serves customers in Australia.

<ul><li>Resilient result in challenging environment. Revenue and EBITDA ahead of MAe, though higher depreciation charges led to 1H24 NPAT of $7.6m, -14% vs MAe.</li><li>Better than expected 1H24 revenue of $276.5m, +9% vs pcp, +3% vs MAe and EBITDA of $47.7m +8% vs pcp, +4% vs MAe.</li><li>Revenue growth was assisted by the Secon acquisition, which partially offset tough conditions in both Port and Contract Logistics. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Resilient result in challenging environment. Revenue and EBITDA ahead of MAe, though higher depreciation charges led to 1H24 NPAT of $7.6m, -14% vs MAe.Better than expected 1H24 revenue of $276.5m, +9% vs pcp, +3% vs MAe and EBITDA of $47.7m +8% vs pcp, +4% vs MAe.Revenue growth was assisted by the Secon acquisition, which partially offset tough conditions in both Port and Contract Logistics. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Silk Logistics Holding Ltd - Controlling What They Can in Tough Conditions

Duratec Limited provides construction services. The Company specializes in the protection and re-mediation of steel and concrete structures, as well as offers asset protection, building refurbishment, infrastructure upgrading, recladding, and durability engineering services. Duratec serves customers worldwide.

<div><div><div><div><ul><li>Narrowed FY24e EBITDA guidance with revenue affected by award delays, although opportunity set remain: the company has issued FY24e guidance and now expects revenue range of $550-565m and EBITDA of $46-48m, revised from prior $570-610m and $45-52m.</li><li>The revised guidance midpoint implies improved EBITDA profitability at 8.4% margin and revenue and EBITDA growth of 13% and 23%, respectively.</li><li>The company noted strong project performance in 2H24 to date; delays in expected project awards have affected FY24e revenue guidance, though tendered opportunities remain with the company and awards are now expected to occur in 1H25.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Narrowed FY24e EBITDA guidance with revenue affected by award delays, although opportunity set remain: the company has issued FY24e guidance and now expects revenue range of $550-565m and EBITDA of $46-48m, revised from prior $570-610m and $45-52m.The revised guidance midpoint implies improved EBITDA profitability at 8.4% margin and revenue and EBITDA growth of 13% and 23%, respectively.The company noted strong project performance in 2H24 to date; delays in expected project awards have affected FY24e revenue guidance, though tendered opportunities remain with the company and awards are now expected to occur in 1H25.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Duratec Ltd - FY24e Guidance Narrowed, Increased Tender Activity, Award Delays

GenusPlus Group Ltd provides power and telecommunications solutions. The Company offers power solutions, telecommunications infrastructure, and technical services. GenusPlus Group serves customers in Australia.

<ul><li>The company now expects FY24e EBITDA in the range of $44-46m, up from prior guidance range of 10-15% EBITDA growth, or FY24e EBITDA range of $40-42m.</li><li>Upgraded guidance range implies 20-25% EBITDA growth yoy and follows swiftly from prior upgrade at the interim result (23 February).</li><li>As previously announced on 2 April, GNP was awarded two contracts by Fortescue Ltd for civil foundations and construction of a 220kV single circuit overhead transmission line to transmit power to the Solomon and Eliwana mines.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The company now expects FY24e EBITDA in the range of $44-46m, up from prior guidance range of 10-15% EBITDA growth, or FY24e EBITDA range of $40-42m.Upgraded guidance range implies 20-25% EBITDA growth yoy and follows swiftly from prior upgrade at the interim result (23 February).As previously announced on 2 April, GNP was awarded two contracts by Fortescue Ltd for civil foundations and construction of a 220kV single circuit overhead transmission line to transmit power to the Solomon and Eliwana mines.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GenusPlus Group Ltd - Upgrade Cycle Continues

MA Moelis Australia
External broker reports(aggregated public sources)
• Moelis Australia Ltd

Supply Network Limited - Keep on Truckin'

FY24 guidance slightly stronger than expected. SNL provided FY24 guidance, expecting revenue to be around $300m and NPAT of around $32m (+17% pcp).

MA Moelis Australia

Silk Logistics Holding Ltd - Controlling What They Can in Tough Conditions

Resilient result in challenging environment. Revenue and EBITDA ahead of MAe, though higher depreciation charges led to 1H24 NPAT of $7.6m, -14% vs...

MA Moelis Australia

Duratec Ltd - FY24e Guidance Narrowed, Increased Tender Activity, Award Delays

The revised guidance midpoint implies improved EBITDA profitability at 8.4% margin and revenue and EBITDA growth of 13% and 23%, respectively.

MA Moelis Australia

GenusPlus Group Ltd - Upgrade Cycle Continues

The company now expects FY24e EBITDA in the range of $44-46m, up from prior guidance range of 10-15% EBITDA growth, or FY24e EBITDA range of $40-42m.

MA Moelis Australia

MMA Offshore Ltd - Increased Scheme Offer of $2.70/Share; Trading Update

Cyan MMA Holdings Pty Ltd (Cyan) has increased its scheme consideration to $2.70 cash per share, up from $2.60 per share and has designated the...

MA Moelis Australia

Supply Network Limited - Keep on Truckin'

FY24 guidance slightly stronger than expected. SNL provided FY24 guidance, expecting revenue to be around $300m and NPAT of around $32m (+17% pcp).

MA Moelis Australia

Silk Logistics Holding Ltd - Controlling What They Can in Tough Conditions

Resilient result in challenging environment. Revenue and EBITDA ahead of MAe, though higher depreciation charges led to 1H24 NPAT of $7.6m, -14% vs...

MA Moelis Australia

Duratec Ltd - FY24e Guidance Narrowed, Increased Tender Activity, Award Delays

The revised guidance midpoint implies improved EBITDA profitability at 8.4% margin and revenue and EBITDA growth of 13% and 23%, respectively.

MA Moelis Australia

GenusPlus Group Ltd - Upgrade Cycle Continues

The company now expects FY24e EBITDA in the range of $44-46m, up from prior guidance range of 10-15% EBITDA growth, or FY24e EBITDA range of $40-42m.

MA Moelis Australia