Ausgroup

Ausgroup: Announces Allseas contract for Chevron-operated Wheatstone Project, for the supply and fabrication for offshore pipeline and subsea construction. No further details have been given. Order book as of 14 Feb stands at A$308m. On a peer comparison basis with Civmec with regards to their latest FY1H13 financials, 1H13 saw Ausgroup's revenues up 11.8% y/y, vs Civmec's 103% increase; 1H13 saw Ausgroup's earnings up 10% y/y, vs Civmec's 52% increase; 1H13 Gross margins for Ausgroup is 12.0%, vs Civmec's 15.6%; 1H13 EBIT margins for Ausgroup is 4.7%,vs Civmec's 10.8%; Ausgroup currently trades at 7.6x P/E vs its next closest peer Civmec at 18.3x.