Mining Services Sector - Mainsheet · Enaex Chile 990 171 3,524 -14 10.2% -1.0% 281,049 447,381 387,688 48.8% 49.8% Boart Longyear United States 976 3 4,333 -72 12.8% -11.8% 225,190

© Copyright. Mainsheet Capital

Sydney - Level 2, 35 Clarence Street

Sydney NSW 2000

Perth - Level 3, London House

216 St Georges Terrace

Perth, WA 6000

+61 2 8004 9907

[email protected]

www.mainsheet.com.au

Mining Services Sector

Performance Analysis of a Sample of Listed

Mining Services Companies

August 2019

© Copyright. Mainsheet CapitalCOMMERCIAL IN CONFIDENCE

• Mainsheet Capital routinely conducts a review of the performance of companies across the

engineering, construction, infrastructure management, mining services and O&G services sectors to

identify and understand the prevailing competitive and value creation dynamics.

• Within these sectors there are companies with a wide array of different sizes, capabilities and business

models.

• It can be challenging to select the best context within which to analyse performance of this range

businesses, however, we have conducted analysis of performance by:

‒ Company

‒ Sector

‒ Business model

‒ Capability

‒ Technical domain

‒ Size (number of employees and revenues)

‒ Asset intensity

• This document sets out the analysis we have conducted in relation to a sample of listed mining

services companies. Analysis of engineering, construction, infrastructure management and O&G

services companies and sectors is also available on Mainsheet Capital’s website – follow this link:

https://www.mainsheet.com.au/economic-performance-and-value-creation-analysis/

Introduction

Page 1

Mainsheet Capital is a corporate strategy and corporate advisory firm that specialises in working across

engineering, construction, mining, oil & gas, utilities, transport and industrial services sectors.

https://www.mainsheet.com.au/economic-performance-and-value-creation-analysis/


Mainsheet Capital is experienced in assisting companies to position themselves to maximise their

growth potential and value creating performance by addressing issues such as those outlined below.

Introduction

Page 2

Mainsheet has a demonstrable track record of assisting companies to successfully address

the key strategic, operational, financial and transactional issues and opportunities they face.

Have you got clear and fact-based strategic plan to guide your direction and key decisions?

Have you got all of the operational and technical capabilities to match new customer needs?

Have you got the right geographic and sector footprint?

Do you have the optimal business size and shape?

Should you be considering mergers or acquisitions in order to best achieve your goals?

Have you got the right capital structure and asset base to achieve your goals?

Do you have a formal growth and long term value creation/exit strategy for the business?


3yr Average Capital Employed vs. 3yr Average Excess Returns

Page 3

Note: Three Year Average include FY16-FY18 dataSource: Capital IQ, Company Websites

3yr Average Capital Employed vs. 3yr Average Excess Returns

FY16 – FY18

($m, %)

Austin Engineering

Ausdrill

Boart Longyear

Cardno

CIMIC

Decmil

Downer EDI

GR Engineering

Logicamms

Lycopodium

Macmahon

Mineral Resources

MACA

Monadelphous

Mitchell Services

Mastermyne

NRW Holdings

RCR Tomlinson

Saunders

SRG Limited

Swick Mining

SCEEElecon Engineering

Outotec Oyj

Aveng

Murray & Roberts

Civeo

Tetra Tech

AusGroup

Enaex

Foraco

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

3yr

Avera

ge E

xcess R

etu

rns

3yr Average Capital Employed ($m)


3yr Average Assets per Employee vs. 3yr Average Excess Return vs. Revenue

Page 4

Note: Three Year Average include FY16-FY18 data, size of bubble denotes comparative revenueSource: Capital IQ, Company Websites

3yr Average Assets per Employee vs. 3yr Average Excess Return vs. Revenue

FY16 – FY18

($, %)

Austin Engineering

Ausdrill

Boart Longyear

Cardno

CIMIC

Decmil

Downer EDI

GR Engineering

Lycopodium

MacmahonMineral Resources

MACA

Monadelphous

Mastermyne

NRW Holdings

RCR Tomlinson

Saunders

SRG Limited

Swick Mining

SCEE

Elecon Engineering

Outotec Oyj

Murray & Roberts

Tetra Tech

AusGroup

Enaex

Foraco

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

- 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000

3yr

Avera

ge E

xcess R

etu

rns

3yr Average Assets per Employee


3yr Average Assets per Employee vs. Average Revenue per Employee

Page 5


3yr Average Assets per Employee vs. 3yr Average Revenue per Employee

FY16 – FY18

($, $)

Austin EngineeringAusdrill

Boart Longyear

Cardno

CIMIC

Decmil

Downer EDI

Logicamms

Lycopodium

Macmahon

Mineral Resources

MACA

Monadelphous

Mitchell Services

Mastermyne

NRW Holdings

RCR Tomlinson

Saunders

SRG Limited

Swick MiningSCEE

Outotec Oyj

Aveng

Murray & Roberts

Civeo

AusGroup

Enaex

Foraco

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

- 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000

3yr

Avera

ge R

evenue p

er

Em

plo

yee (

$)

3yr Average Assets per Employee ($)


3yr Average Assets per Employee vs. Number of Employees

Page 6


3yr Average Assets per Employee vs. Number of Employees

FY16 – FY18

($, units)

Austin Engineering

AusdrillBoart Longyear

Cardno

CIMIC

Decmil GR Engineering

Logicamms

Lycopodium

Macmahon

Mineral Resources

MACA

Monadelphous

Mitchell Services

Mastermyne

NRW HoldingsRCR Tomlinson

Saunders

SRG Limited

Swick Mining

SCEE

Aveng

Murray & Roberts

Civeo

Tetra Tech

AusGroup

EnaexForaco

-

5,000

10,000

15,000

20,000

25,000

30,000

- 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000

Num

ber

of E

mplo

yees

3yr Average Assets per Employee ($)


3yr Average Revenue per Employee vs. 3yr Average Excess Returns

Page 7


3yr Average Revenue per Employee vs. 3yr Average Excess Returns

FY16 – FY18

($, %)

Austin Engineering

Ausdrill

Boart Longyear

Cardno

CIMIC

Decmil

Downer EDI

Logicamms

Lycopodium

MacmahonMineral Resources

MACA

Monadelphous

Mitchell Services

Mastermyne

NRW Holdings

RCR TomlinsonSaunders

SRG Limited

Swick Mining

SCEE

Aveng

Murray & Roberts

Civeo

Tetra Tech

AusGroup

Enaex

Foraco

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

- 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000

3yr

Avera

ge E

xcess R

etu

rns

3yr Average Revenue per Employee ($)



Page 8



FY16 – FY18

($)

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

3yr

Avera

ge A

ssets

per

Em

plo

yee (

$)


3yr Average WACC

Page 9


3yr Average WACC

FY16 – FY18

($)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

3yr

Avera

ge W

AC

C


Summary Data

Page 10


Company

NameLocation

Average

Revenue (3yr,

AUD$mm)

Average EBIT

(3yr AUD$mm)

Number of

Employees

Average

Economic Profit

(3yr AUD$mm)

Average WACC

(3yr)

Average

Excess Return

(3yr)

Average

Revenue per

Employee (3yr,

AUD$mm)

Average Assets

per Employee

(3yr)

Average Capital

Employed per

Employee (3yr,

AUD$mm)

Last FY D/E

Ratio

Average D/E

Ratio (3yr)

CIMIC Australia 12,984 912 26,109 285 8.3% 6.3% 497,316 367,457 174,458 22.4% 28.2%

Downer EDI Australia 8,716 307 53,000 -87 8.0% -2.3% 164,456 123,101 72,783 47.9% 39.9%

Tetra Tech United States 2,717 234 17,000 12 8.0% 0.7% 159,804 146,701 102,690 28.7% 35.7%

Murray &

RobertsSouth Africa 2,223 83 10,649 -56 14.3% -6.9% 208,722 139,615 76,173 8.2% 10.8%

Aveng South Africa 1,892 -144 14,158 -341 18.8% -26.5% 133,607 130,812 90,922 138.9% 75.1%

Monadelphous Australia 1,452 88 5,378 29 8.3% 7.2% 269,962 126,932 74,217 5.3% 4.6%

Mineral

ResourcesAustralia 1,420 203 8,000 -19 8.3% -6.5% 177,503 230,759 35,737 18.3% 21.5%

RCR Tomlinson Australia 1,384 10 3,400 -25 8.5% -6.6% 407,080 223,775 111,634 9.2% 17.2%

Cardno Australia 1,155 3 8,100 -66 9.5% -9.1% 142,536 109,131 89,631 17.1% 20.8%

Enaex Chile 990 171 3,524 -14 10.2% -1.0% 281,049 447,381 387,688 48.8% 49.8%

Boart Longyear United States 976 3 4,333 -72 12.8% -11.8% 225,190 207,821 140,641 - -

Ausdrill Australia 802 60 7,502 -54 9.0% -5.1% 106,914 164,645 141,326 52.2% 59.9%

Civeo United States 567 -74 2,200 -189 11.8% -15.8% 257,706 571,729 543,141 70.3% 68.8%


Company

NameLocation

Average

Revenue (3yr,

AUD$mm)

Average EBIT

(3yr AUD$mm)

Number of

Employees

Average

Economic Profit

(3yr AUD$mm)

Average WACC

(3yr)

Average

Excess Return

(3yr)

Average

Revenue per

Employee (3yr,

AUD$mm)

Average Assets

per Employee

(3yr)

Average Capital

Employed per

Employee (3yr,

AUD$mm)

Last FY D/E

Ratio

Average D/E

Ratio (3yr)

MACA Australia 497 38 2,200 -1 8.3% -0.3% 226,052 184,122 150,628 14.0% 20.2%

AusGroup Australia 491 -2 1,351 -18 10.8% -8.2% 363,333 221,555 158,642 289.9% -

Macmahon Australia 462 11 3,913 -19 8.3% -6.5% 118,182 112,307 73,062 25.9% 10.3%

NRW Holdings Australia 439 30 2,000 -4 8.7% -1.3% 219,661 192,029 139,295 34.2% 43.4%

Major Drilling

GroupCanada 322 -33 2,641 -62 8.2% -13.4% 122,061 188,557 175,374 5.2% 3.3%

Decmil Australia 306 1 463 -20 8.5% -8.3% 661,207 650,174 530,464 0.4% 1.5%

GR Engineering Australia 259 18 144 8 8.3% 15.0% 1,801,493 752,670 373,042 0.9% 1.4%

SCEE Australia 252 4 1,000 -7 8.8% -6.3% 251,804 183,213 111,705 0.0% 0.1%

Austin

EngineeringAustralia 226 -4 2,105 -21 10.3% -11.3% 107,401 111,503 88,122 34.8% 39.0%

SRG Limited Australia 207 20 250 -3 8.2% -1.4% 827,101 883,019 826,881 2.7% 15.0%

Foraco France 196 -8 1,882 -39 12.5% -14.4% 104,230 168,754 142,465 346.9% 221.7%

Lycopodium Australia 179 15 480 4 8.3% 6.4% 371,976 256,351 138,674 1.6% 1.2%

Mastermyne Australia 165 1 1,000 -5 10.2% -8.6% 164,947 74,007 58,532 6.5% 19.8%

Orbit Garant

DrillingCanada 138 -2 1,300 -10 8.8% -10.2% 106,310 89,047 71,904 25.4% 20.9%

Swick Mining Australia 130 -2 627 -13 11.0% -12.2% 207,019 211,679 176,962 35.1% 29.7%

Logicamms Australia 90 -8 450 -10 10.0% -21.2% 200,741 125,926 105,777 25.4% 13.9%

Saunders Australia 54 1 212 -1 8.3% -5.6% 256,291 147,280 98,346 1.8% 4.8%

Mitchell

ServicesAustralia 49 -3 350 -6 10.5% -18.2% 139,022 130,450 91,159 94.8% 95.8%

Summary Data

Page 11



ISO Value Creation Chart – Ausdrill

Page 12

Source: Capital IQ

$300

$250

$200

$150

$100

$50

-$300

-$250

-$200

-$150

-$100

-$50

2009 2010

2011

2012

2013

2014

2015

20162017

2018

-15%

-10%

-5%

0%

5%

10%

15%

0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 1,800.0 2,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)

Avg. Capital Employed ($m)

ISO Value Creation Chart EP

Levels


ISO Value Creation Chart – AusGroup

Page 13

Source: Capital IQ

$140

$120

$100

$80

$60

$40

$20

-$140

-$120

-$100

-$80

-$60

-$40

-$20

2009

20102011

2012

2013

2014

2015

2016

2017

2018

-30%

-20%

-10%

0%

10%

20%

30%

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Austin Engineering

Page 14

Source: Capital IQ

$100

$90

$80

$70

$60

$50

$40

$30

$20

$10

-$100

-$90

-$80

-$70

-$60

-$50

-$40

-$30

-$20

-$10

2009

2010

2011

2012

2013

2014

2015

2016

20172018

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Aveng

Page 15

Source: Capital IQ

$1,000$900$800$700$600$500$400$300$200$100

-$1,000-$900-$800-$700-$600-$500-$400-$300-$200-$100

20092010

2011201220132014

20152016

2017

2018

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

0.0 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Basil Read

Page 16

Source: Capital IQ

$200$180$160$140$120$100$80$60$40$20

-$200-$180-$160-$140-$120-$100-$80-$60-$40-$20

20092010

201120122013

2014

20152016

2017

-60%

-40%

-20%

0%

20%

40%

60%

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Boart Longyear

Page 17

Source: Capital IQ

$500

$450

$400

$350

$300

$250

$200

$150

$100

$50

-$500

-$450

-$400

-$350

-$300

-$250

-$200

-$150

-$100

-$502009

20102011 2012

2013

2014

2015

2016

2017

2018

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 1,800.0 2,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Cardno

Page 18

Source: Capital IQ

$200$180$160$140$120$100$80$60$40$20

-$200-$180-$160-$140-$120-$100-$80-$60-$40-$20

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

-15%

-10%

-5%

0%

5%

10%

15%

0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 1,800.0 2,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – CIMIC

Page 19

Source: Capital IQ

$1,000$900$800$700$600$500$400$300$200$100

-$1,000-$900-$800-$700-$600-$500-$400-$300-$200-$100

2009

2010

2011

20122013

2014

20152016

2017

2018

-15%

-10%

-5%

0%

5%

10%

15%

0.0 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 8,000.0 9,000.0 10,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Civeo

Page 20

Source: Capital IQ

$500$450$400$350$300$250$200$150$100$50

-$500-$450-$400-$350-$300-$250-$200-$150-$100-$50

2014

201520162017

2018

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Decmil

Page 21

Source: Capital IQ

$70

$60

$50

$40

$30

$20

$10

-$70

-$60

-$50

-$40

-$30

-$20

-$10

2009

2010

2011

2012

2013 2014

2015

2016

20172018

-15%

-10%

-5%

0%

5%

10%

15%

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Downer EDI

Page 22

Source: Capital IQ

$500

$450

$400

$350

$300

$250

$200

$150

$100

$50

-$500

-$450

-$400

-$350

-$300

-$250

-$200

-$150

-$100

-$50

2009

2010

2011

201220132014

2015 2016

2017

2018

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

0.0 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 3,500.0 4,000.0 4,500.0 5,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Enaex

Page 23

Source: Capital IQ

$200

$180

$160

$140

$120

$100

$80

$60

$40

$20

-$200

-$180

-$160

-$140

-$120

-$100

-$80

-$60

-$40

-$20

2009

2010

2011

20122013 2014

2015

20162017

2018

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 1,800.0 2,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Foraco

Page 24

Source: Capital IQ

$100

$90

$80

$70

$60

$50

$40

$30

$20

$10

-$100

-$90

-$80

-$70

-$60

-$50

-$40

-$30

-$20

-$10

2009

2010

2011

2012

2013

20142015

2016

20172018

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – GR Engineering

Page 25

Source: Capital IQ

$30

$25

$20

$15

$10

$5

-$30

-$25

-$20

-$15

-$10

-$5

2012

2013

2014

2015

2016

20172018

-30%

-20%

-10%

0%

10%

20%

30%

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Logicamms

Page 26

Source: Capital IQ

$30

$25

$20

$15

$10

$5

-$30

-$25

-$20

-$15

-$10

-$5

2009 2010

2011

2012 2013

2014

2015

2016

2017

2018

-30%

-20%

-10%

0%

10%

20%

30%

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Lycopodium

Page 27

Source: Capital IQ

$30

$25

$20

$15

$10

$5

-$30

-$25

-$20

-$15

-$10

-$5

2009 20102011

2012

2013

2014

2015

2016

2017

2018

-30%

-20%

-10%

0%

10%

20%

30%

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – MACA

Page 28

Source: Capital IQ

$100$90$80$70$60$50$40$30$20$10

-$100-$90-$80-$70-$60-$50-$40-$30-$20-$10

2011

2012

2013

20142015

2016

2017

2018

-30%

-20%

-10%

0%

10%

20%

30%

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Macmahon

Page 29

Source: Capital IQ

$140

$120

$100

$80

$60

$40

$20

-$140

-$120

-$100

-$80

-$60

-$40

-$20

2009

20102011

20122013

2014

2015

2016

2017

2018

-15%

-10%

-5%

0%

5%

10%

15%

0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Major Drilling Group

Page 30

Source: Capital IQ

$200

$180

$160

$140

$120

$100

$80

$60

$40

$20

-$200

-$180

-$160

-$140

-$120

-$100

-$80

-$60

-$40

-$20

2009

2010

2011

2012

2013

2014

20152016

20172018

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Mastermyne

Page 31

Source: Capital IQ

$20

$18

$16

$14

$12

$10

$8

$6

$4

$2

-$20

-$18

-$16

-$14

-$12

-$10

-$8

-$6

-$4

-$2

2010

2011

2012

2013

2014

2015

2016

2017

2018

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Mineral Resources

Page 32

Source: Capital IQ

$200$180$160$140$120$100$80$60$40$20

-$200-$180-$160-$140-$120-$100-$80-$60-$40-$20

2009

2010

20112012

20132014

2015

2016

2017

2018

-15%

-10%

-5%

0%

5%

10%

15%

0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 1,800.0 2,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Mitchell Services

Page 33

Source: Capital IQ

$10$9$8$7$6$5$4$3$2$1

-$10-$9-$8-$7-$6-$5-$4-$3-$2-$12012

2013

20142015

2016

2017 2018

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Monadelphous

Page 34

Source: Capital IQ

$200$180$160$140$120$100$80$60$40$20

-$200-$180-$160-$140-$120-$100-$80-$60-$40-$20

20092010

20112012 2013

2014

2015

201620172018

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Murray & Roberts

Page 35

Source: Capital IQ

$500

$450

$400

$350

$300

$250

$200

$150

$100

$50

-$500

-$450

-$400

-$350

-$300

-$250

-$200

-$150

-$100

-$50

2009

2010

2011

2012

20132014

20152016

20172018

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 1,800.0 2,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – NRW Holdings

Page 36

Source: Capital IQ

$400

$350

$300

$250

$200

$150

$100

$50

-$400

-$350

-$300

-$250

-$200

-$150

-$100

-$50

20092010

2011

2012

2013

2014

2015

2016

20172018

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Orbit Garant Drilling

Page 37

Source: Capital IQ

$40

$35

$30

$25

$20

$15

$10

$5

-$40

-$35

-$30

-$25

-$20

-$15

-$10

-$5

2009

2010

20112012

2013

20142015

2016

2017

2018

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – RCR Tomlinson

Page 38

Source: Capital IQ

$70

$60

$50

$40

$30

$20

$10

-$70

-$60

-$50

-$40

-$30

-$20

-$102009

2010

2011

2012

20132014

2015

2016

2017

2018

-15%

-10%

-5%

0%

5%

10%

15%

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Saunders

Page 39

Source: Capital IQ

$10$9$8$7$6$5$4$3$2$1

-$10-$9-$8-$7-$6-$5-$4-$3-$2-$1

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

-30%

-20%

-10%

0%

10%

20%

30%

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – SCEE

Page 40

Source: Capital IQ

$30

$25

$20

$15

$10

$5

-$30

-$25

-$20

-$15

-$10

-$5

2010

2011

2012 2013

2014

2015

2016

2017

2018

-15%

-10%

-5%

0%

5%

10%

15%

0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – SRG Limited

Page 41

Source: Capital IQ

$50

$45

$40

$35

$30

$25

$20

$15

$10

$5

-$50

-$45

-$40

-$35

-$30

-$25

-$20

-$15

-$10

-$5

2009

2010 2011

2012

2013

20142015

2016

2017

2018

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Swick Mining

Page 42

Source: Capital IQ

$30

$25

$20

$15

$10

$5

-$30

-$25

-$20

-$15

-$10

-$5

200920102011

2012 2013

2014

2015

201620172018

-15%

-10%

-5%

0%

5%

10%

15%

0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


ISO Value Creation Chart – Tetra Tech

Page 43

Source: Capital IQ

$200

$180

$160

$140

$120

$100

$80

$60

$40

$20

-$200

-$180

-$160

-$140

-$120

-$100

-$80

-$60

-$40

-$20

2009

2010

2011

2012

2013

2014

2015

2016 2017

2018

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 1,800.0 2,000.0

Excess R

etu

rn (

RO

CE

-W

AC

C)



Levels


Sydney - Level 2, 35 Clarence Street

Sydney NSW 2000

Perth - Level 3, London House

216 St Georges Terrace

Perth, WA 6000

+61 2 8004 9907

[email protected]

www.mainsheet.com.au

CONTACT MAINSHEET CAPITAL – EAST COAST

SHANE MCEWENP: +61 438 462 624

E: [email protected]

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BILL BENTP: +61 433 790 070


GERARD MOODYP: +61 419 402 340


Page 44

Documents

Mining Services Sector - Mainsheet · Enaex Chile 990 171 3,524 -14 10.2% -1.0% 281,049 447,381 387,688 48.8% 49.8% Boart Longyear United States 976 3 4,333 -72 12.8% -11.8% 225,190