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NRW Holdings (NWH)

$1.895
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What does Bull and Bear mean?

Market Matters View Point?

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Market Matters
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MM prefers NWH over MND

OPINION

Two Mining Services / Engineering stocks

Yesterday saw Monadelphous (MND) hammered over -14% following earnings which uncovered margin pressure caused by a tight labour market. Improved revenue needs to flow down to profit otherwise alarm bells ring especially when revenue is now expected to be lower in FY22, a double whammy. Conversely last week NRW Holdings (NRW) delivered...

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NRH Holdings (NWH) $1.955

FY21 Result: An in line result for NWH on FY21 with  EBITDA at $266.7m,  right on consensus expectations. Guidance was the standout though with EBIT for FY22 expected to be in the range of $145m-$155m vs market expectations at $147m. The company talked up their large order book and importantly, they sighted improving margins which...

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NRW Holdings (NWH) $1.73

NWH +11.97%: Rallies strongly today on the announcement that its subsidiary Golding Contractors will sell 38 major mobile mining assets for about $81m. The deal struck will only reduce earnings by a small ~1% however it will reduce gearing substantially, taking net debt from about $115m to about $34m. That has been a cause of some concern in the market and today’s news is clearly positive in that respect.

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NRW Holdings (NWH) $1.685

In hindsight MM has been too faithful towards mining & construction services business NWH but now it’s halved we believe its displaying some deep value and we are considering an aggressive average of our position.

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NRW Holdings (NWH) $2.01

NWH has fallen away in a similar manner to MND through 2021 after delivering a disappointing profit report in February – labour costs putting pressure on margins the issue, we felt the rerating was overdone but the stock continues to struggle around $2.

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NRW Holdings (NWH) $2.32

NRW Holdings (NWH) -17.14%: A few issues in the NRW result today and the stock down 17% as a result. The issues broadly are around higher costs thanks to COVID which has driven lower margins and that  has hurt earnings, at the EBITDA line this was a 10% miss however more in terms of profit (-26%).

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NRW Holdings (NWH) $2.80

Another stock that reversed higher yesterday was NRW Holdings (NWH) which finally closed up +4.5%, we’ve discussed this engineering business a bit earlier after missing a healthy profit opportunity above $3 but after correcting almost 20% we are now comfortable with the risk / reward again at current levels.

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NRW Holdings (NWH) $2.67

Following CIMIC’s (CIM) disappointing result last week we feel a touch too exposed to the mining services / infrastructure sector’s however our position in NWH has followed CIM lower over the last 2-weeks.

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NRW Holdings (NWH) $2.75

Yesterday we saw CIMIC (CIM) deliver a messy and disappointing result which sent the stock down over -17% on the day. We have no interest in CIM but it has made us wary of our overweight stance in the mining services / infrastructure sector i.e. we are considering taking our profits on NRW Holdings (NWH).

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ACTION

NWH
UPDATED 26/08/2021 07:49
MM prefers NWH over MND
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NWH
UPDATED 19/08/2021 16:48
MM is bullish and long NWH
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NWH
UPDATED 13/07/2021 08:57
MM remains bullish NWH
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NWH
UPDATED 04/06/2021 09:11
MM is bullish NWH from current levels initially targeting over $2, or +20% higher
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NWH
UPDATED 28/04/2021 16:58
MM is neutral our NWH position
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NWH
UPDATED 19/02/2021 11:40
MM remain positive NWH despite a weaker than expected result
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NWH
UPDATED 17/02/2021 16:44
MM remains long & bullish NWH medium term
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NWH
UPDATED 16/02/2021 08:18
MM is still considering selling NWH
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NWH
UPDATED 12/02/2021 08:15
MM is considering selling NWH
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Mining and construction

NRW Holdings (NWH) is a services company for the mining and construction sectors. It has contracts in rail, earthworks, mine construction, road & tunnel builds among others.

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NRW Holdings (NWH) v Monadelphous (MND)
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NRW Holdings (NWH)
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NRW Holdings (NWH)
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NRW Holdings (NWH)
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NRW Holdings (NWH)
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NRW Holdings (NWH)
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NRW Holdings (NWH)
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NRW Holdings (NWH)
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NRW Holdings (NWH)
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