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DOW $6.78

Downer Group

  1. This was on the Quicktrade newsletter today. Not sure where this confirmation came from as no ASX announcement. But looks very good news if correct.


    DOW confirmed it is on target to meet FY02/03 earnings estimates.

    Resilience in the two key divisional drivers (mining / engineering) in 2H02 and a focus on reducing the exposure to short-term contract work, as evidenced by recent wins in extended mining services contracts at Ulan, Wambo, and Coppabella (a $470m five-year contract expected to begin at the end of the 1QCY03), is expected to deliver > 40% total group EBIT growth to $125.4m in FY02.

    No change to forecasts. BUY maintained.

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