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Overvalued
Morningstar Quantitative Rating as of 3 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 19.00 Fair value 24.36 One-star price 31.25
Morningstar Quantitative Rating as of 3 NOV 2026.
Morningstar Quantitative Rating as of 3 NOV 2026. The slider runs from the five-star price (19.00) to the one-star price (31.25).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 29.17 |
| Price - 12 month high | 36.88 |
| Price - 12 month low | 22.18 |
| Pricing date | 3 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 0.18 |
| Market capitalization | 2,934.12 |
| 12 Month High price date | 24 FEB 2026 |
| 12 Month Low price date | 5 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 0.25 |
| Price - 1 Day % Change | -1.82% |
| Price - 13 week price percent change | -1.29% |
| Price - 26 week price percent change | 0.41% |
| Price - 5 Day % Change | 3.11% |
| Price - 52 week price percent change | 27.10% |
| Price - YTD price percent change | 10.03% |
| Price % Change Month To Date | -6.60% |
| EPS excluding extraordinary items - most recent fiscal year | 1.261 |
| EPS excluding extraordinary items - trailing 12 month | 1.261 |
| EPS Normalized - most recent fiscal year | 1.226 |
| Revenue/share - most recent fiscal year | 27.603 |
| Revenue/share - trailing 12 month | 27.603 |
| Book value per share - most recent fiscal year | 5.685 |
| Book value per share - most recent half-year | 5.685 |
| Book value (tangible) per share - most recent fiscal year | 5.286 |
| Book value (tangible) per share - most recent half-year | 5.286 |
| Cash per share - most recent fiscal year | 2.934 |
| Cash per share - most recent half-year | 2.934 |
| Cash Flow per share - most recent fiscal year | 2.428 |
| Cash Flow per share - trailing 12 month | 2.428 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 1.080 |
| EBITD per share - trailing 12 month | 2.190 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 1.276 |
| EPS Basic excluding extraordinary items - trailing 12 month | 1.276 |
| EPS including extraordinary items - most recent fiscal year | 1.276 |
| EPS including extraordinary items - trailing 12 month | 1.276 |
| Free Cash Flow per share - trailing 12 month | 2.046 |
| P/E excluding extraordinary items, most recent fiscal year | 23.13 |
| P/E Normalized, most recent fiscal year | 23.80 |
| Price to sales - most recent fiscal year | 1.06 |
| Price to Tangible Book - most fiscal year | 5.52 |
| Price to Free Cash Flow per Share - most recent fiscal year | 14.26 |
| Price to Cash Flow per share - trailing 12 month | 12.02 |
| Price to Book - most recent fiscal year | 5.13 |
| P/E excluding extraordinary items high, trailing 12 months | 37.03 |
| P/E excluding extraordinary items low, trailing 12 months | 21.58 |
| Net Debt, LFI | -241.77 |
| Net Debt, LFY | -221.65 |
| Dividend Yield - 5 Year Average | 3.63% |
| Dividend Yield - indicated annual dividend divided by closing price | 3.64% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 3.70% |
| Free Cash Flow - most recent fiscal year | 206.54 |
| LT debt/equity - most recent fiscal year | 8.25% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 12.65% |
| LT debt/equity - most recent half-year | 9.27% |
| Total debt/total equity - most recent half-year | 14.62% |
| Free Cash Flow - trailing 12 month | 206.54 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 2,786.81 |
| Revenue - trailing 12 month | 2,786.81 |
| EBITD - most recent fiscal year | 221.12 |
| EBITD - trailing 12 month | 221.12 |
| Earnings before taxes - most recent fiscal year | 179.91 |
| Earnings before taxes - trailing 12 month | 179.91 |
| Net Income available to common - most recent fiscal year | 127.30 |
| Net Income available to common - trailing 12 months | 127.30 |
| Earnings before taxes Normalized - most recent fiscal year | 174.88 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.23 |
| Net Profit Margin % - 1st historical fiscal year | 4.57% |
| Net Profit Margin % - trailing 12 month | 4.57% |
| Operating margin - 1st historical fiscal year | 5.36% |
| Operating margin - trailing 12 month | 5.36% |
| Pretax margin - trailing 12 month | 6.46% |
| Pretax margin - 1st historical fiscal year | 6.46% |
| Operating Margin - 5 year average | 4.13% |
| Pretax Margin - 5 year average | 4.98% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 4.69% |
| Free Operating Cash Flow/Revenue, TTM | 7.41% |
| Net Profit Margin - 5 year average | 3.49% |
| Return on average assets - most recent fiscal year | 11.37% |
| Return on average assets - trailing 12 month | 11.37% |
| Return on average equity - most recent fiscal year | 23.64% |
| Return on average equity - trailing 12 month | 23.64% |
| Return on average assets - 5 year average | 7.94% |
| Return on average equity - 5 year average | 15.25% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 9.71% |
| EPS growth rate, 5 year | 20.59% |
| Growth rate% - dividend, 3 year | 21.55% |
| Revenue/share (5 yr growth) | 8.42% |
| Growth rate% - Revenue, 3 year | 17.43% |
| Growth rate% - EPS, 3 year | 31.84% |
| Book value per share growth rate, 5 year | 6.37% |
| Capital Spending growth rate, 5 year | 36.31% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 15.89% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
MND –11.96%: capped off an excellent two-year growth period with FY26 revenue and earnings broadly in line with expectations, but the shares fell sharply as management confirmed FY27 will be about consolidation rather than another leg higher. After revenue increased around 50% over the past two years, expectations had caught up with the story, and the prospect of broadly flat earnings in FY27 was enough to take some heat out of the stock.
Monadelphous’ almost 10% pullback from its February high was more about extreme enthusiasm following its strong 1H result Here and the outbreak of the Iran war, as opposed to any issues with the company operationally. Their order book remains very strong, with revenue forecast to hit $3bn in FY27, up from $1.9bn in FY22, a similar story to NRW. They already delivered a record 1H FY26 result, with revenue up ~46% to $1.53bn and profit rising ~53% to $64.9m, importantly supported by ~$1.4bn in new contract awards during the half.
MND +5.91%: rallied after delivering a strong 1H result and upgrading full-year revenue guidance, with momentum building across both services and engineering construction.
MND is an engineering company that’s best known for building and maintaining processing plants for major miners like BHP, Rio Tinto, and Fortescue, and for long-term shutdown and maintenance work that provides recurring revenue. On Monday, MND soared over +10% hitting levels not seen since 2013, after they flagged 1H revenue of ~$1.5bn, with FY revenue expected to be up +20-25% YoY.
While no specific guidance was issued, they spoke very favourably about the trends in their business and the strong demand for maintenance services and higher levels of activity in the engineering construction sector. This positive commentary met a market that had sold MND off pretty aggressively in recent months.
MND -1.08%: the mining contractor posted a reasonable 1H result today, though shares were weaker on some softer outlook comments. Revenue was up 6% to $1b and earnings (EBITDA) grew 6% to $61m, both in line with expectations.
MND -8.81%: a strong 1H but weak guidance weighed on shares in the contractor today. Monadelphous saw Revenue fall 10% in the half, though this was at the top end of guidance of a 10-15% fall, while EBITDA of $58.2m was a 6% beat to consensus on improved margins.
This mining services stock has looked great over recent sessions with optimism around China’s reopening appearing to increase sentiment towards the company. Considering its link to the Australian Miners we like MND i.e. as their Capex increases after years of relatively low investment MND should become a major beneficiary.
MND +5.86%: FY22 was better than expected across most key metrics, EBITDA of $111m compared to $104m forecast while NPAT of $52.28m was around an 8% beat to consensus and up 11% YoY. They said the outlook for core markets continues to be strong, with the mining services company flagging a strong capex outlook in iron ore, battery metals...
RIO Tinto (RIO) $124.01: we were looking for 20% upside but the iron ore crash limited the gains to 10% before the tide turned.
MM is now neutral toward MND ~$28.50
MM is cautiously bullish towards MND around $30.
MM is bullish toward MND
MM is cautiously bullish towards MND
MM now likes MND, though, we have a preference for smaller SRG
MM is neutral MND
MM is neutral to bullish MND
MM is bullish MND under $14
MM is neutral /bullish MND ~$12
MM is neutral MND
Monadelphous is an engineering company providing construction, maintenance, and industrial services to the mining, energy, and infrastructure sectors. The engineering construction division provides electrical, mechanical, instrumentation, and piping services to the mining and energy sector. The maintenance and industrial services division specializes in the operation and management of mechanical and electrical maintenance services at infrastructure and resource facilities.
MM views on Bravura (BVS), Monadelphous (MND), HUB24 (HUB) & Zip Co (Z1P)
Recorded Wednesday 25th August
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