Annuncio • Aug 17
Macmahon Holdings Limited (ASX:MAH) completed the acquisition of Decmil Group Limited (ASX:DCG) fromThorney Investment Group Australia Pty. Ltd., Horley Pty Ltd and others. Macmahon Holdings Limited (ASX:MAH) agreed to acquire Decmil Group Limited (ASX:DCG) fromThorney Investment Group Australia Pty. Ltd., Horley Pty Ltd and others for AUD 100 million on April 16, 2024. Under the scheme, Decmil ordinary shareholders are to receive AUD 0.30 cash per share, and Decmil RCPS holders are to receive AUD 0.343 cash per share. As of July 26, 2024, second Court Hearing to approve the Schemes is 10:00am (AWST) on Monday, August 5, 2024, and the Scheme Meetings will be held on July 31, 2024. Macmahon shareholders do not need to take any action. As of July 31, 2024, shareholders of Decmil Group Limited have approved the transaction. As of July 26, 2024, the Effective Date of the Scheme is August 6, 2024.
Azure Capital and Highbury Partnership acted as joint financial advisers and HWL Ebsworth as legal adviser to Macmahon. Decmil is being advised by Steinepreis Paganin and MA Moelis Australia. Nicole Lewis of Computershare Investor Services Pty Limited acted as registrar and Nexia Melbourne Pty Ltd., Investment Banking Arm acted as fairness opinion provider to Decmil Group Limited (ASX:DCG).
Macmahon Holdings Limited (ASX:MAH) completed the acquisition of Decmil Group Limited (ASX:DCG) fromThorney Investment Group Australia Pty. Ltd., Horley Pty Ltd and others on August 15, 2024. New Risk • Aug 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$26m free cash flow). Earnings have declined by 9.4% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (AU$52.4m market cap, or US$34.4m). Annuncio • Apr 18
Macmahon Holdings Limited (ASX:MAH) agreed to acquire Decmil Group Limited (ASX:DCG) fromThorney Investment Group Australia Pty. Ltd., Horley Pty Ltd and others for AUD 100 million Macmahon Holdings Limited (ASX:MAH) agreed to acquire Decmil Group Limited (ASX:DCG) fromThorney Investment Group Australia Pty. Ltd., Horley Pty Ltd and others for AUD 100 million on April 16, 2024. Under the scheme, Decmil ordinary shareholders are to receive AUD 0.30 cash per share, and Decmil RCPS holders are to receive AUD 0.343 cash per share. Azure Capital and Highbury Partnership acted as joint financial advisers and HWL Ebsworth as legal adviser to Macmahon. Decmil is being advised by Steinepreis Paganin and MA Moelis Australia. New Risk • Apr 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 21% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$26m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 9.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$43.6m market cap, or US$27.9m). Reported Earnings • Feb 26
First half 2024 earnings released: AU$0.012 loss per share (vs AU$0.016 loss in 1H 2023) First half 2024 results: AU$0.012 loss per share (improved from AU$0.016 loss in 1H 2023). Revenue: AU$215.3m (down 16% from 1H 2023). Net loss: AU$1.84m (loss narrowed 26% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Annuncio • Feb 13
Decmil Group Limited to Report First Half, 2024 Results on Feb 22, 2024 Decmil Group Limited announced that they will report first half, 2024 results on Feb 22, 2024 Reported Earnings • Aug 23
Full year 2023 earnings released: AU$0.012 loss per share (vs AU$0.68 loss in FY 2022) Full year 2023 results: AU$0.012 loss per share (improved from AU$0.68 loss in FY 2022). Revenue: AU$489.2m (up 30% from FY 2022). Net loss: AU$1.84m (loss narrowed 98% from FY 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Board Change • Aug 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director David Steele was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 26
First half 2023 earnings released: AU$0.016 loss per share (vs AU$0.026 loss in 1H 2022) First half 2023 results: AU$0.016 loss per share (improved from AU$0.026 loss in 1H 2022). Revenue: AU$256.1m (up 13% from 1H 2022). Net loss: AU$2.48m (loss narrowed 37% from 1H 2022). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Construction industry in Australia. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Chairman of the Board Andrew Barclay is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Annuncio • Oct 31
Decmil Group Limited Appoints Executive General Managers for the East and West Coast Operations Decmil Group Limited announced that following a thorough recruiting process it has appointed Executive General Managers for the Company's East and West Coast operations. Simon Barnes has been appointed as Executive General Manager of the Company's East Coast Operations. Mr. Barnes has more than 25 years' experience in the construction industry across a range of contract models, including Alliance, Design and Construct, and Public Private Partnerships. Most recently, he was Executive Regional Manager - Southern at ACCIONA, where he has worked for 15 years including at its antecedent companies Abigroup and Lend Lease. His extensive expertise ranges from construction delivery and project governance roles, through to regional executive leadership. Mr. Barnes has worked on major projects across Australia, such as the Perth Metrorail, Peninsula Link PPP, and the Victorian Level Crossing Removal Program. He is a qualified Civil Engineer (Monash University) with a Master of Business Administration (Deakin University). Deon Baddock has been appointed Executive General Manager of the Company's West Coast Operations. Deon also possesses more than 25 years' experience in the construction industry across a range of project models. Most recently Deon was Group Manager Risk and Commercial at NRW, where has worked since 2010. At NRW he had both operational and governance roles, which included responsibility for legal and commercial, precontracts, project controls, quality management and including oversight of major projects. Prior to NRW, Deon worked at Main Roads Western Australia (MRWA). He is a qualified Civil Engineer (Curtin University of Technology) and has a Postgraduate Certificate of Management (University of Southern Queensland). Annuncio • Oct 22
Decmil Group Limited Settles Sunraysia Downstream Dispute with Schneider Electric Australia Pty Ltd Decmil Group Limited announced that it has reached an agreement with Schneider Electric Australia Pty Ltd. to conclude their dispute in relation to the Supply Contract at the Sunraysia Solar Farm project in New South Wales. The terms of the settlement are confidential, but Decmil can confirm there will be no material impact on its financial accounts. As announced to the market on 12 August 2021, the resolution of the Schneider dispute is an enabler for Decmil to progress its arbitration dispute with the Sunraysia Solar Project trust for the Head Contract at the Sunraysia Solar Farm project. Annuncio • Sep 21
Decmil Group Limited Appoints Greg Jason as Chief Financial Officer, Effective 27 September 2022 Decmil Group Limited announced the appointment of Greg Jason as Chief Financial Officer (CFO) of the Company, effective 27 September 2022. Mr. Jason is a highly experienced CFO who brings a wealth of financial and operational knowledge to Decmil from over 25 years of international business and finance experience. Most recently Mr. Jason was CFO of ASX company Austal Limited for 9 years, where he was responsible for running an operating division before moving to the CFO role where he successfully improved the financial performance and strengthened the balance sheet of the business. Reported Earnings • Aug 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: AU$0.68 loss per share (down from AU$0.089 loss in FY 2021). Revenue: AU$377.6m (up 24% from FY 2021). Net loss: AU$103.2m (loss widened AU$91.8m from FY 2021). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 942%. Over the next year, revenue is forecast to grow 26%, compared to a 24% growth forecast for the Construction industry in Australia. Annuncio • Jul 28
Decmil Group Limited Reiterates Earnings Guidance for the Year 2022 Decmil Group Limited reiterates earnings guidance for the year 2022. For the year, the company reiterates revenue of $400 million to $425 million. Unaudited result is $382 million. Variance of guidance $18 million to $43 million. Annuncio • Jul 12
Decmil Group Limited Announces Change of CFO The Board of Directors of Decmil advised shareholders that the Company's Chief Financial Officer, Alan Ings, has resigned from the business in order to focus on treating a physical medical condition. Peter Thomas, currently a Company Director and a former CFO of Decmil, will act as Chief Financial Officer on an interim basis. Decmil has commenced a search for a permanent CFO. Annuncio • Jun 01
Decmil Group Limited Announces Earnings Guidance for the Year 2022 and 2023 Decmil Group Limited announced earnings guidance for the year 2022 and 2023. For the year, the company expected revenue to be in the range of $400 million to $425 million due to the projects at Ryan Corner and Crookwell have had further delays due to the Client delays in gaining project permitting and approvals. These delays are not attributable to Decmil. Additionally, the vast majority of the revenue and earnings from the three contracts announced will be reflected in Decmil's Financial year 2023 financial results. Annuncio • May 26
Decmil Group Limited Announces Executive Changes Decmil Group Limited announced that it has appointed experienced civil contracting leader Rod Heale as the Company's new Chief Executive Officer. Rod will commence full-time on 20 June 2022. Mr. Heale brings more than 30 years' experience in the building, construction and infrastructure industry across Australia, most recently as Chief Operating Officer John Holland's Australia and Asia business. Prior to this Rod served for more than a decade as a Regional Executive for Thiess, John Holland and CPB Contractors. As Chief Operating Officer at John Holland Mr. Heale was responsible for a business with an annual revenue over $5 billion, approximately 70 projects and 5,000 staff. Mr. Heale was a Board member from 2017 2022 as well as a member of the Risk and HSE committees. Mr. Heale previously served on the boards of CPB Contractors for the period 2016-2017, and Roche Thiess Linfox (RTL) Mining and Earthworks (2011-2014) delivering diversified mining services and infrastructure based in the Latrobe Valley in Victoria with revenues over $150 million per annum. As part of its transition to the new CEO, interim CEO Vin Vassallo will continue to support Mr. Heale in an executive role over the next six-month period and then transition back to his role as a Non-Executive Director. Annuncio • May 03
Decmil Group Limited Announces Andries (Dickie) Dique Ceased to Be Director Decmil Group Limited announced Andries (Dickie) Dique ceased to be director 29 April 2022. Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). CEO, MD & Executive Director Dickie Dique is the most experienced director on the board, commencing their role in 2018. Independent Non-Executive Director David Steele was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Mar 01
First half 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2022 results: AU$0.026 loss per share (down from AU$0.005 profit in 1H 2021). Revenue: AU$226.5m (up 37% from 1H 2021). Net loss: AU$3.96m (down AU$4.54m from profit in 1H 2021). Revenue missed analyst estimates by 10.0%. Earnings per share (EPS) exceeded analyst estimates by 70%. Annuncio • Feb 25
Decmil Group Limited Provides Revenue Guidance for 2022 Decmil Group Limited is anticipating revenue to reach ~$470 million for 2022 in tandem with improved margins in the second half. Subsequently, Decmil expects it will come under its original 2022 projection of approximately $500 million revenue. As previously outlined, the Company's first half of 2022 results were impacted by several challenges which had a negative impact on its financial results. However, with the reopening of state and international borders ramping up, Decmil anticipates that these issues will ameliorate to a significant extent during the remainder of 2022. Annuncio • Sep 06
Decmil Group Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million. Decmil Group Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,000,000
Price\Range: AUD 0.4
Discount Per Security: AUD 0.018
Transaction Features: Subsequent Direct Listing Reported Earnings • Aug 22
Full year 2021 earnings released: AU$0.089 loss per share (vs AU$3.30 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: AU$303.7m (down 33% from FY 2020). Net loss: AU$11.5m (loss narrowed 88% from FY 2020). Annuncio • Jun 04
Decmil Group Limited Provides Revenue Guidance for the Fiscal Year 2021 Decmil Group Limited anticipated fiscal year 2021 revenue of between $300 million and $320 million, which is below original expectations. The reduction in fiscal year 2021 revenue is a result of COVID-related impacts delaying the award of numerous contracts Decmil has tendered for, until Fiscal year 2022. Recent Insider Transactions • Apr 17
CFO & Director recently bought AU$56k worth of stock On the 13th of April, Peter Thomas bought around 100k shares on-market at roughly AU$0.55 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$197k. Peter has been a buyer over the last 12 months, purchasing a net total of AU$94k worth in shares. Recent Insider Transactions • Mar 31
CEO, MD & Executive Director recently bought AU$197k worth of stock On the 25th of March, Andries Dique bought around 335k shares on-market at roughly AU$0.59 per share. This was the largest purchase by an insider in the last 3 months. This was Andries' only on-market trade for the last 12 months. Annuncio • Mar 15
Decmil Group Limited Wins $140 Million Contract for Gippsland Rail Upgrade Works Decmil Group Limited is part of an alliance which has been awarded a ~$300 million contract by Rail Projects Victoria (RPV) to upgrade Victoria's Gippsland railway line. Decmil will work with CIMIC Group company UGL and Arup as part of the VicConnect consortium to deliver this much-needed upgrade. Decmil's share of the contract is ~$140 million, taking the Company's contracted and preferred order book to $570 million. The package of works to be undertaken by VicConnect includes duplicating track, extending the Morwell crossing loop, upgrading level crossings and signalling, adding second platforms at Bunyip, Longwarry and Morwell, and reactivating the second platform at Traralgon. The VicConnect Alliance will now build
on early works undertaken since being appointed preferred tenderer in early December with a project completion target of late 2022. Annuncio • Mar 02
Decmil Group Limited, Annual General Meeting, Nov 03, 2021 Decmil Group Limited, Annual General Meeting, Nov 03, 2021. Is New 90 Day High Low • Feb 17
New 90-day low: AU$0.56 The company is down 15% from its price of AU$0.65 on 19 November 2020. The Australian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 4.0% over the same period. Price Target Changed • Nov 25
Price target lowered to AU$1.00 Down from AU$3.20, the current price target is provided by 1 analyst. The new target price is 46% above the current share price of AU$0.69. As of last close, the stock is down 92% over the past year. Annuncio • Nov 18
Decmil Receives $51 Million Windfarm Works Decmil Group Limited announced that it has been awarded approximately $51 million in works as part of the balance of plant contract at the Ryan Corner Windfarm in Victoria. The Ryan Corner balance of plant contract is a $71 million contract that has been awarded to a joint venture between Decmil and RJE Global, on a split scope basis, with RJE to receive the remaining $20 million. The scope of the joint venture contract includes the design and construction of the civil and electrical balance of plant for the 52-turbine windfarm; including wind turbine bases, access tracks, site cabling and a switch room. The contract was awarded by GPG, the project developer of the 218MW Ryan Corner Windfarm. Ryan Corner will be the third windfarm developed by GPG in Australia, after successfully completing the 96MW Crookwell 2 Windfarm and the 180MW Berrybank Stage-1 Windfarm. GPG has already signed a corporate power purchase agreement with Snowy Hydro for at least 75% of the output from Ryan Corner. Ryan Corner is located approximately 300 kilometres west of Melbourne, near Port Fairy. The works to be undertaken by Decmil will commence in December 2020 and are expected to be completed by the end of calendar year 2021. Annuncio • Nov 14
Decmil Secures $30 Million Mesa J Contract Decmil Group Limited announced that it has secured a $30 million contract from Rio Tinto to design and construct heavy vehicle (HV) and light vehicle (LV) facilities at the Mesa J iron ore mine in the Pilbara region of Western Australia. The scope of the works includes the design and construction of a site laydown area, HV wash facility, mobile equipment maintenance workshop, bulk lube storage facility, and HV and LV tyre change facilities. Additionally, Decmil will deconstruct the existing HV wash facility and existing bulk lube storage facility at Mesa J. The Mesa J contract is anticipated to be completed by the end of calendar year 2021. Annuncio • Sep 24
Decmil Group Limited Receives $55 Million Albany Ring Road Contract Decmil Group Limited announced that the Western Australian Government has awarded the Company the Phase One works to construct a ring road around Albany, Western Australia. On 14 July 2020, Decmil announced it was selected as Preferred Proponent to build a $175 million ring road around Albany, which encompasses two phases and is scheduled to be completed in 2023. The contract for the Phase One works has now been executed. Valued at approximately $55 million, the contract involves the design and construction of a new interchange at Albany Highway and Menang Drive, a section of the Ring Road south to Lancaster Road and the design of Phase Two works. The second phase of construction will extend the Albany Ring Road from Lancaster Road to Princess Royal Drive and is pending environmental approvals prior to the commencement of construction activities. The project is being funded by the Australian and Western Australian Governments, consistent with Decmil's continued focus on attaining work from blue chip customers. Annuncio • Aug 26
Decmil Group Limited Withdraws Its Previous Revenue Guidance for the Fiscal Year 2021 Decmil Group Limited announced that it has experienced a limited operational impact from COVID-19 to date, with work across all projects proceeding relatively smoothly and materials being locally sourced to projects. The company has implemented robust procedures to mitigate the risk of COVID-19 outbreak, including social distancing measures at its worksites, which they will continue to monitor closely. While the Company successfully navigated COVID-19 obstacles during FY20, the situation is dynamic and there is a possibility for it to disrupt their operations in FY21. The company will continue to proactively manage the COVID-19 situation and continue to inform the market of any updates. The tendering progress on some Government projects is taking longer than expected as the focus of Ministers and bureaucracies in some states is directed to managing immediate COVID-19 issues which is causing a delay in some contract awards. As a result, the company cannot confidently predict its FY21 revenues so is withdrawing its previous revenue guidance. Annuncio • Jun 22
Decmil Group Limited(ASX:DCG) dropped from S&P/ASX All Ordinaries Index Decmil Group Limited(ASX:DCG) dropped from S&P/ASX All Ordinaries Index Annuncio • Jun 19
Decmil Group Limited has completed a Follow-on Equity Offering in the amount of AUD 52 million. Decmil Group Limited has completed a Follow-on Equity Offering in the amount of AUD 52 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 764,000,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.0025
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 276,000,000
Price\Range: AUD 0.05
Transaction Features: Rights Offering; Subsequent Direct Listing