Monadelphous Group [ASX:MND] is an incredible 273 Bagger in 24 years.

I reckon that is just the beginning folks.

In 1994: share price ~$0.50 ps.

4x-split in 2005.

Going for ~$16ps in FY18,

That is, in 1994 Market Cap was $6.5M to ~1,527M in FY18. Total Dividend paid: ~$944M.

This 26% p.a. compounded total shareholder returns was achieved with little to no debt; relatively little additional equity contribution. 

IN THIS REPORT: 24 years of Monadelphous & a forecast.

In addition to DangInvestor unique LIVE|Interactive charts and over 200 KPIs per year to help in your analysis...

I have included a fairly detailed report on the company.

This should be useful in understanding the context, the stated strategy and objectives against actual achievements over the past quarter century.

Also include some notes and forecast on the company future earnings and valuation.

Judging by page count, it is pretty thick. 

Table of Contents

Overview ............................................................... 4

The 273 Bagger in 24 Years. ............................................ 4

What makes Monadelphous Outstanding .................................... 5

Brilliant Management Team .............................................. 5

The End of the Beginning ............................................... 6

Vision: Double every Five Years ........................................ 6

Brilliant Strategy. Careful Execution. ................................. 7

Recent JVs | Acquisition ............................................... 9

History of Forward Planning ............................................ 9

Diversification: Geographic & End Customer ............................. 10

FY18: Engineering & Construction ....................................... 11

FY18: Maintenance & Industrial Services ................................ 12

FY2011 – Infrastructure Division Established ........................... 13

Forecast: High Chance of Continued Awesomeness ......................... 13

Rubino & “consolidation” ............................................... 13

Historically, MND’s expansion greatest after a recession. .............. 13

Revenue Estimate ....................................................... 14

Guestimate to 2024 ..................................................... 15

Assume Profit Margins: 6% to 7% ........................................ 16

Valuation: Range of Estimates .......................................... 16

The Current $15 Asking Price and Its Implications ...................... 17

Value Range at 10% to 15%p.a. Required Return .......................... 18

FINANCIAL PERFORMANCE .................................................. 19

On Operating Cash Margin ............................................... 19

APPENDIX ............................................................... 21

Appendix A: Contracts Secured FY14 – 1H19 .............................. 21

Appendix B: Awards & Share Prices ...................................... 23

Appendix C: Major Project Potentially $1B+ in FY19 – FY20 .............. 24

HISTORY ................................................................ 26

In the Beginning ....................................................... 26

1994 Highlights ........................................................ 26

1995 Highlights ........................................................ 26

1996 Highlights ........................................................ 26

1997 Highlights ........................................................ 27

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2016 Highlights ........................................................ 37

2017 Highlights ........................................................ 38

2018 Highlights ........................................................ 38

Thank you for your support.

Luu Dang