DOWNER EDI LIMITED (DOW)
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DOW - DOWNER EDI LIMITED

Year End: June
GICS Industry Group : Commercial & Professional Services
Debt/EBITDA: 3.96
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Downer Edi designs, builds and services assets and infrastructure across a wide range of industries including the mining, transport and oil and gas sectors. The company is the number one builder of roads in Australia. It is listed on the ASX and the NZX.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.85

19 Jul
2024

-0.060

OPEN

$4.85

-1.22%

HIGH

$4.88

713,654

LOW

$4.81

TARGET
$5.133 5.8% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ALQ . AVD . BSA . CG1 . CLG . CVL . CWY . CXL . DUR . EGN . EVS . FLC . IPG . LBL . MAD . PPK . SDV . SHA . SND . SSM . VEE . VNT .
FNARENA'S MARKET CONSENSUS FORECASTS
DOW: 1
Title FY22
Actual
FY23
Actual
FY24
Forecast
FY25
Forecast
EPS (cps) xxx - 59.0 27.0 xxx
DPS (cps) xxx 13.0 15.5 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 45.8% 19.2% xxx
PE Ratio xxx N/A 18.0 xxx
Dividend Yield xxx N/A 3.2% xxx
Div Pay Ratio(%) xxx N/A 57.5% xxx

Dividend yield today if purchased 3 years ago: 2.43%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

2.68

Estimated Dividend Growth
(Average Of Past Three Years)

 %

Amount Invested

Tell Me The Dividend After This Many Years

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 13/03 - ex-div 6c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx-59.0
DPS All xxxxxxxxxxxxxxx13.0
Sales/Revenue xxxxxxxxxxxxxxx11,635.5 M
Book Value Per Share xxxxxxxxxxxxxxx314.9
Net Operating Cash Flow xxxxxxxxxxxxxxx318.2 M
Net Profit Margin xxxxxxxxxxxxxxx-3.31 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx-16.63 %
Return on Invested Capital xxxxxxxxxxxxxxx-8.67 %
Return on Assets xxxxxxxxxxxxxxx-5.09 %
Return on Equity xxxxxxxxxxxxxxx-15.06 %
Return on Total Capital xxxxxxxxxxxxxxx4.44 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-37.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx135 M
Long Term Debt xxxxxxxxxxxxxxx1,998 M
Total Debt xxxxxxxxxxxxxxx2,134 M
Goodwill - Gross xxxxxxxxxxxxxxx2,563 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx889 M
Price To Book Value xxxxxxxxxxxxxxx1.31

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx263.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.26 %
Cost of Goods Sold xxxxxxxxxxxxxxx10,352 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,080 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx211 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.2

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

15/02/2024

3

Neutral

$4.90

1.03%

Downer EDI has reported 13% first half earnings growth to $151m, with the result underpinned by a return to profitability by its utilities segment.

Segmentally, facilities earnings were flat year-on-year, while transport fell -1%. Impacts were partially offset by the mobilisation of the Queensland trains manufacturing program, continued ramp up of which is expected into the second half. 

The Neutral rating is retained and the target price increases to $4.90 from $4.55.

FORECAST
UBS forecasts a full year FY24 EPS of 29.00 cents.
UBS forecasts a full year FY25 EPS of 36.00 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Login above or Get a Free Trial

EXPERT VIEWS
Display All Commentary

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Goldman Sachs

21/02/2024

3

Neutral

$4.80

-1.03%

Goldman Sachs highlights risk management and project discipline were more evident in 1H results for Downer EDI, while an additional -$75m of cost-out raises confidence the FY25 margin target will be met.

The earnings (EBIT) margin widened by 30bps (to 2.5%) on the previous corresponding period, and management expects the FY24 margin will be an improvement on the 2.6% achieved in FY23.

The 1H performance of Utilities exceeded the broker's forecast, and management is targeting further 2H improvement as low-margin contracts run-off.

The target rises to $4.80 from $4.20 partly due to the broker's higher earnings forecast, a valuation roll-forward and a lower assumed discount as Goldman's confidence in the turnaround grows.

FORECAST
Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 26.00 cents.
Goldman Sachs forecasts a full year FY25 dividend of 24.00 cents and EPS of 36.00 cents.

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