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

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

We are an ASX-listed financial services firm specialising in asset management, lending, corporate advisory and equities. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><div><ul><li>Perenti Ltd (PRN) will acquire 100% of shares in DDH1 Ltd (DDH) under a scheme of arrangement.</li><li>The implied offer price is $1.01 per DDH share, or a 17.4% premium on the 5-day VWAP (at 23 June), with consideration comprising $0.1238 of cash plus 0.7111 PRN shares for each DDH share.</li><li>PRN shareholders will own 71% of the combined entity with DDH shareholders owning the remaining 29%, subject to adjustments as a result of dividends paid by either PRN or DDH.</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>

Perenti Ltd (PRN) will acquire 100% of shares in DDH1 Ltd (DDH) under a scheme of arrangement.The implied offer price is $1.01 per DDH share, or a 17.4% premium on the 5-day VWAP (at 23 June), with consideration comprising $0.1238 of cash plus 0.7111 PRN shares for each DDH share.PRN shareholders will own 71% of the combined entity with DDH shareholders owning the remaining 29%, subject to adjustments as a result of dividends paid by either PRN or DDH.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 - Perenti Ltd Acquisition of DDH1 Ltd

<ul><li>We have reviewed peer quarterly reports and note commentary on domestic market activity.</li><li>Competitors have reported lower utilisation rates vs pcp, as well as weather impacts.</li><li>While there have been fewer domestic junior raisings CYTD, momentum suggests an improving trend into the remainder of CY23.</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>

We have reviewed peer quarterly reports and note commentary on domestic market activity.Competitors have reported lower utilisation rates vs pcp, as well as weather impacts.While there have been fewer domestic junior raisings CYTD, momentum suggests an improving trend into the remainder of CY23.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 - Well Placed to Capitalise on Exploration Momentum Recovery

<ul><li>Earnings in line: underlying 1H23 NPATA of $29.9m (+33% vs pcp) was in line with MAe $29.8m.</li><li>1H23 fully franked dividend of 3.33cps, +26% vs pcp.</li><li>Pre reported highlights included 1H23 EBITDA of $65.6m, +53% vs pcp, with top line growth driven by increases on pcp in rigs and shifts and sound performance from Swick, partially offset by marginally weaker utilisation.</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>

Earnings in line: underlying 1H23 NPATA of $29.9m (+33% vs pcp) was in line with MAe $29.8m.1H23 fully franked dividend of 3.33cps, +26% vs pcp.Pre reported highlights included 1H23 EBITDA of $65.6m, +53% vs pcp, with top line growth driven by increases on pcp in rigs and shifts and sound performance from Swick, partially offset by marginally weaker utilisation.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 - Slower than Expected Start to CY23

<ul><li>Minor beat on key earnings. Operating EBITDA of $65.6m (+5% vs MAe $62.9m), underlying EBITA of $43.6m (+2% vs MAe $42.6m).</li><li>Operational metrics continued positive momentum vs pcp including revenue per shift +7.1%, average revenue per rig +6.3%, and rig count +8.0%, with rates increasing to address inflationary pressures.</li><li>Utilisation of 77% was flat vs pcp which was COVID impacted and a key metric for focus over coming periods.</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>

Minor beat on key earnings. Operating EBITDA of $65.6m (+5% vs MAe $62.9m), underlying EBITA of $43.6m (+2% vs MAe $42.6m).Operational metrics continued positive momentum vs pcp including revenue per shift +7.1%, average revenue per rig +6.3%, and rig count +8.0%, with rates increasing to address inflationary pressures.Utilisation of 77% was flat vs pcp which was COVID impacted and a key metric for focus over coming periods.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 - Operational Momentum Continues, Utilisation in Focus

<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><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>

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.

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 - Perenti Ltd Acquisition of DDH1 Ltd

PRN shareholders will own 71% of the combined entity with DDH shareholders owning the remaining 29%, subject to adjustments as a result of...

MA Moelis Australia

DDH1 - Well Placed to Capitalise on Exploration Momentum Recovery

While there have been fewer domestic junior raisings CYTD, momentum suggests an improving trend into the remainder of CY23.

MA Moelis Australia

DDH1 - Slower than Expected Start to CY23

Earnings in line: underlying 1H23 NPATA of $29.9m (+33% vs pcp) was in line with MAe $29.8m. 1H23 fully franked dividend of 3.33cps, +26% vs pcp.

MA Moelis Australia

Ddh1 - Operational Momentum Continues, Utilisation in Focus

Minor beat on key earnings. Operating EBITDA of $65.6m (+5% vs MAe $62.9m), underlying EBITA of $43.6m (+2% vs MAe $42.6m)

MA Moelis Australia

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

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