Cimic Group reports 1H19 earnings tomorrow and the market is looking for NPAT of $390m.
Full year NPAT should maintain within guidance at $790m to $830m.
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The CIMIC share price has been trading at the lower end of the valuation band following allegations of creative accounting. CIMIC has pushed back against the claim and maintained that their accounts meet the required auditing standards.
We’ll wait to see what’s in tomorrow’s result, but we continue to like the industry thematic in which CIMIC operates. We expect CIMIC to report a strong net cash position of $1.4bn+.
Based on FY20 earnings we have CIMIC trading on a forward yield of 4%.
