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

<ul><li>Another period of solid growth with core earnings broadly in line.</li><li>U-EBITDA of $97.1m (+30% YoY) was -3% vs our previous $100.5m; U-EBITA of $67.2m (+27% YoY) was in line with MAe $68.2m.</li><li>Utilisation and margins impacted by COVID but expected to improve.</li></ul>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.

Another period of solid growth with core earnings broadly in line.U-EBITDA of $97.1m (+30% YoY) was -3% vs our previous $100.5m; U-EBITA of $67.2m (+27% YoY) was in line with MAe $68.2m.Utilisation and margins impacted by COVID but expected 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.

Ddh1 - FY22 in Line. Strong Growth to Continue.

<ul><li>Key earnings broadly in line. Underlying EBITDA of $97.2m (incl. 5 months SWK) was -3% vs our $100.5m; underlying EBITA of $67.4m was -1% vs our $68.2m.</li><li>Utilisation and margins impacted by COVID but expected to improve.</li><li>DDH noted on its call that FY22 utilisation of 77.4% would have been ~4% pts higher if not for COVID impacts (WA border shutdowns and absenteeism).</li></ul>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.

Key earnings broadly in line. Underlying EBITDA of $97.2m (incl. 5 months SWK) was -3% vs our $100.5m; underlying EBITA of $67.4m was -1% vs our $68.2m.Utilisation and margins impacted by COVID but expected to improve.DDH noted on its call that FY22 utilisation of 77.4% would have been ~4% pts higher if not for COVID impacts (WA border shutdowns and absenteeism).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.

Ddh1 - Delivering in Challenging Conditions - Preliminary FY22 Result

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Theiss’ offer of A$1.075 per share for <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> has been declared unconditional despite acquiring 44.30% of outstanding shares, below the 50% threshold.</li>
<li>The offer has met with resistance from retail shareholders as it remains below NRW’s rejected offer, and there is a lack of clarity on franking credits. </li>
<li>Thiess can restart on-market purchases from 27 September. The offer closes on 7 October. The shares are trading in line with the offer.</li>
</ul>


Theiss’ offer of A$1.075 per share for MACA Ltd (MLD AU) has been declared unconditional despite acquiring 44.30% of outstanding shares, below the 50% threshold.
The offer has met with resistance from retail shareholders as it remains below NRW’s rejected offer, and there is a lack of clarity on franking credits. 
Thiess can restart on-market purchases from 27 September. The offer closes on 7 October. The shares are trading in line with the offer.


MACA’s A$1.075 Offer from Theiss Declared Unconditional

<ul>
<li>Theiss has improved its <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> offer from A$1.025 to A$1.075 per share. The offer is conditional on 90% minimum acceptances, FIRB approval and no prescribed occurrences.</li>
<li>Theiss increased its shareholding to 15.90% of outstanding shares due to acceptances from MACA founders and directors. This is a stumbling block to a potential <a href="https://www.smartkarma.com/entities/nrw-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9271:1" rel="noopener">NRW Holdings (NWH AU)</a> scheme. </li>
<li>While the value of NRW’s default option remains higher than Thiess’ revised offer, it is increasingly unlikely that NRW will start a bidding war. </li>
</ul>


Theiss has improved its MACA Ltd (MLD AU) offer from A$1.025 to A$1.075 per share. The offer is conditional on 90% minimum acceptances, FIRB approval and no prescribed occurrences.
Theiss increased its shareholding to 15.90% of outstanding shares due to acceptances from MACA founders and directors. This is a stumbling block to a potential NRW Holdings (NWH AU) scheme. 
While the value of NRW’s default option remains higher than Thiess’ revised offer, it is increasingly unlikely that NRW will start a bidding war. 


MACA’s Revised Thiess Offer Makes an NRW Rival Offer Increasingly Unlikely

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> has recommended a A$1.025 per share offer from Thiess. The offer price represents a 28.1% premium to the unaffected price of A$0.80 (on 25 July).</li>
<li>The offer is conditional on a 90% minimum acceptance condition and regulatory approvals (FIRB and ACCC). The target statement will be released in late August.</li>
<li>We think that the offer is reasonable in the context of historical share prices and multiples. At the last close, the gross spread is 3.5%.</li>
</ul>



MACA Ltd (MLD AU) has recommended a A$1.025 per share offer from Thiess. The offer price represents a 28.1% premium to the unaffected price of A$0.80 (on 25 July).
The offer is conditional on a 90% minimum acceptance condition and regulatory approvals (FIRB and ACCC). The target statement will be released in late August.
We think that the offer is reasonable in the context of historical share prices and multiples. At the last close, the gross spread is 3.5%.


MACA’s Recommended $1.025 Per Share Takeover Offer from Thiess

Australia

DDH1 Ltd provides mining support services. The Company offers drilling and critical geological information services. DDH1 serves customers in Australia.

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DDH1 (DDH AU)

Ddh1 - FY22 in Line. Strong Growth to Continue.

Another period of solid growth with core earnings broadly in line. U-EBITDA of $97.1m (+30% YoY) was -3% vs our previous $100.5m; U-EBITA of $67.2m...

MA Moelis Australia

Ddh1 - Delivering in Challenging Conditions - Preliminary FY22 Result

Key earnings broadly in line. Underlying EBITDA of $97.2m (incl. 5 months SWK) was -3% vs our $100.5m; underlying EBITA of $67.4m was -1% vs our...

MA Moelis Australia

MACA’s A$1.075 Offer from Theiss Declared Unconditional

The offer declared unconditional is an inducement to get shareholders to accept. The offer closes on 7 October. The shares are trading in line with...

Arun George

MACA’s Revised Thiess Offer Makes an NRW Rival Offer Increasingly Unlikely

The shares are trading marginally through Theiss' revised offer. Theiss' 15.90% stake is likely to deter a rival NRW bid. Buy on any dip below the...

Arun George

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Ddh1 - FY22 in Line. Strong Growth to Continue.

Another period of solid growth with core earnings broadly in line. U-EBITDA of $97.1m (+30% YoY) was -3% vs our previous $100.5m; U-EBITA of $67.2m...

MA Moelis Australia

Ddh1 - Delivering in Challenging Conditions - Preliminary FY22 Result

Key earnings broadly in line. Underlying EBITDA of $97.2m (incl. 5 months SWK) was -3% vs our $100.5m; underlying EBITA of $67.4m was -1% vs our...

MA Moelis Australia

MACA’s A$1.075 Offer from Theiss Declared Unconditional

The offer declared unconditional is an inducement to get shareholders to accept. The offer closes on 7 October. The shares are trading in line with...

Arun George

MACA’s Revised Thiess Offer Makes an NRW Rival Offer Increasingly Unlikely

The shares are trading marginally through Theiss' revised offer. Theiss' 15.90% stake is likely to deter a rival NRW bid. Buy on any dip below the...

Arun George

MACA’s Recommended $1.025 Per Share Takeover Offer from Thiess

We think the offer will meet the 90% minimum acceptance condition as the A$1.025 offer is recommended by the Board and is reasonable. At the last...

Arun George