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Downer EDI Ltd DOW

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Morningstar’s Analysis

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No-Moat Downer Completes Urban Services Transformation, No Change to AUD 6.00 Fair Value Estimate

Mark Taylor Senior Equity Analyst

Analyst Note

| Mark Taylor |

We make no change to our AUD 6.00 fair value estimate for no-moat Downer. The now fully morphed urban services firm divested its last Mining portfolio businesses in mid-November 2021. Downer has exited Mining in pursuit of more capital-light and government-backed revenue business models--in urban services including in operating, maintaining, servicing and supply.

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Company Profile

Business Description

Downer operates engineering, construction, and maintenance; transport; technology and communications; utilities; and rail units. But the future of Downer is focused on urban services, and mining and high-risk construction businesses have been sold. The engineering, construction, and maintenance business had exposure to mining and energy projects through consulting services. The mining division had provided contracted mining services. The rail division services and maintains passenger rolling stock, including locomotives and wagons.

39 Delhi Road, Level 2, Triniti III
North Ryde, NSW, 2113, Australia
T +61 294689700
Sector Industrials
Industry Engineering & Construction
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 56,000