Ausgroup: awarded a A$12m project by Chevron, for local fabrication to the Gorgon Project. The contract scope incl the fabrication, supply, testing, inspection, storage and delivery of adjustable pipe support structures weighing >900 mt. Ausgroup will utilize its fabrication facilities in Kwinana, south of Perth, with completion due in 2012.
Ausgroup’s order book now stands at A$282m, vs A$454m revenue for 9MFYJun11.
Stock trades at 12x FY11E P/E (CIMB est)...
CIMB last had a Neutral rating with TP $0.52, and recently ceased coverage on the company
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