Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
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Equity Bottom-Up

<ul>
<li>Welcome back to the portfolio updates series!</li>
<li>This month, I am a few days early with the update. The reason is that my wife and I are celebrating our wedding next weekend, followed by an extended vacation, during which I will be disconnected for a couple of weeks.</li>
<li>As a result, the next stock deep dive will not be released until the last week of August.</li>
</ul>


Welcome back to the portfolio updates series!
This month, I am a few days early with the update. The reason is that my wife and I are celebrating our wedding next weekend, followed by an extended vacation, during which I will be disconnected for a couple of weeks.
As a result, the next stock deep dive will not be released until the last week of August.


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.

<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

<div><ul><li>At its recent AGM, DUR provided a trading update, issued maiden FY24 guidance, and announced leadership transition with the retirement of the Managing Director, Mr Phil Harcourt.</li><li>FY24 guidance implies continued growth: Management issues maiden FY24 guidance for revenue $570-610m (MAe: $555m) and EBITDA $45-52m (MAe: $45m).</li><li>Implied FY24e revenue growth 16-24% YoY and 16-34% YoY EBITDA growth.</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>

At its recent AGM, DUR provided a trading update, issued maiden FY24 guidance, and announced leadership transition with the retirement of the Managing Director, Mr Phil Harcourt.FY24 guidance implies continued growth: Management issues maiden FY24 guidance for revenue $570-610m (MAe: $555m) and EBITDA $45-52m (MAe: $45m).Implied FY24e revenue growth 16-24% YoY and 16-34% YoY EBITDA growth.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.

<div>
<ul>
<li>Specialist Defence asset maintenance work underpins company’s near term opportunities arising from growing proportional Defence budget spend and reestablished Defence priority: DUR is a preferred contractor with trusted relationships, national accreditation, and strong track record of project delivery across a spread of large and small asset maintenance and remediation of assets, especially in Defence.</li>
<li>Medium to long term visibility on sustainment spend at GDP plus growth in context of national Defence bolstering bodes well for a preferred contractor with excellent win rates in sizeable $17b TAM.</li>
<li>Growing recurring maintenance order book: management targeting growing master service agreement (MSA) work and look to double recurring work profile.</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>
</div>



Specialist Defence asset maintenance work underpins company’s near term opportunities arising from growing proportional Defence budget spend and reestablished Defence priority: DUR is a preferred contractor with trusted relationships, national accreditation, and strong track record of project delivery across a spread of large and small asset maintenance and remediation of assets, especially in Defence.
Medium to long term visibility on sustainment spend at GDP plus growth in context of national Defence bolstering bodes well for a preferred contractor with excellent win rates in sizeable $17b TAM.
Growing recurring maintenance order book: management targeting growing master service agreement (MSA) work and look to double recurring work profile.

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 Limited (DUR-AU) – Buy – Price: $1.27; TP: $1.50

Australia

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.

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Duratec Ltd (DUR AU)

Portfolio Update: July 2024

Welcome back to the portfolio updates series! This month, I am a few days early with the update. The reason is that my wife and I are celebrating...

Contrarian Cashflows

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

Duratec Ltd - Guidance Issued at AGM

At its recent AGM, DUR provided a trading update, issued maiden FY24 guidance, and announced leadership transition with the retirement of the...

MA Moelis Australia

Duratec Limited (DUR-AU) – Buy – Price: $1.27; TP: $1.50

Specialist Defence asset maintenance work underpins company’s near term opportunities arising from growing proportional Defence budget spend and...

MA Moelis Australia

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