Monadelphous Group Ltd

MND: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$18.85	Qsqp	Zzmlffgh

Monadelphous Earnings: Robust Result and Cash Balance, With Solid Contract Wins

Mark Taylor

Aug 20, 2024

Australian engineering, construction, maintenance, and industrial services provider no-moat Monadelphous reported a 16% increase in underlying fiscal 2024 net profit after tax, to AUD 62 million, around 10% ahead of our AUD 57 million expectations. Lower-than-expected operating costs were the primary reason behind our profit undercall. The market appreciated the result, with shares up more than 10% at the time of writing. Our AUD 14.75 fair value estimate stands. At around AUD 13.00, Monadelphous shares are somewhat undervalued in 3-star territory.

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