Austin Engineering Limited · ASX:ANG
Austin Engineering — Rottnest Conference 2024
23 slides from Austin Engineering's conference presentation, Mar 12, 2024
Slide 1: Austin Engineering Ltd Rottnest Conference Presentation
Austin Engineering Ltd Rottnest Conference Presentation March 2024 www.austineng.com
Slide 2: We are the Number 1 customised truck tray builder in the world
We are the Number 1 customised truck tray builder in the world. ULTIMA HPT WESTECH JEC-LD JEC P2 Austin Engineering Limited - Rottnest Conference Presentation 2024 www.austineng.com
Slide 3: Mining buckets match to trays – we are growing fast
Mining buckets match to trays – we are growing fast. P3 Austin Engineering Limited - Rottnest Conference Presentation 2024 www.austineng.com
Slide 4: Other products are becoming increasingly important
Other products are becoming increasingly important……. Tyre Handler Water Tank Ore Chute* Underground Tray HT Frames *Ore Chutes are designed by Nordic Minesteel Technologies and built under licence for Freeport mine in Indonesia. P4 Austin Engineering Limited - Rottnest Conference Presentation 2024
Slide 5: Customers include many of the industry 'blue chips'
Customers include many of the industry ‘blue chips’ P5 Austin Engineering Limited - Rottnest Conference Presentation 2024 www.austineng.com
Slide 6: Austin 2.0 is now delivering outstanding results that set a new performance benchmark
Austin 2.0 is now delivering outstanding results that set a new performance benchmark. • Revenue up 26% to $143.6 million • EBITDA up 70% to $20.8 million • NPAT up 2.8 times to $15 million • Operating cashflow $6.9 million • Net debt of $11.4 million, on track to be debt free in FY24 • Order book u
Slide 7: Strategy is now focusing more on key customer improvements to drive revenue growth
Strategy is now focusing more on key customer improvements to drive revenue growth Customer Focus 3 Product 2 Manufacturing Leadership 1 Leadership P7 Austin Engineering Limited - Rottnest Conference Presentation 2024 www.austineng.com
Slide 8: Full year revenue on a strong upward trajectory
Full year revenue on a strong upward trajectory and projected to reach multi-year record as expansion programs deliver 350 320 300 258 250 A$M REVENUE 198 203 200 150 100 50 0 21 22 23 24(F) FY24 (F) is the mid-point of formal guidance provided on 27 February 2024. P8 Austin Engineering Limited - Ro
Slide 9: Margins are rising towards target in FY25
Margins are rising towards target in FY25 16 25 15.3 EBITDA % 14.5 15 20.8 20 14 13.2 13 15 12 12.2 EBITDA 10 $M 10.7 10 11 6.3 10 5 9 8 0 H1FY23 H2FY22 H1FY24 H2FY24(G) H1FY21 H1FY22 H1FY23 H1FY24 Note: EBITDA numbers are normalised for comparison purposes, H2FY24 is based on guidance issued a nd i
Slide 10: Order book - has been growing at 31% CAGR
Order book - has been growing at 31% CAGR and should drive multi-year revenue high this FY Austin Order Book FY2021-2024 200 184 CAGR 31% P.A. 180 158 160 144 140 120 108 106 100 81 80 63 60 40 20 0 H1 21 H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 P 10 Austin Engineering Limited - Rottnest Conference
Slide 11: Accessible market for trays is estimated to be up to 7x current production levels
Accessible market for trays is estimated to be up to 7x current production levels ~20,500 Trucks ~3500 Annual ~500 Current Replacement production level This slide relates to Austin’s ‘Home Markets’ which are located around its main production centres. External data indicates a pproximately 20,500 tr
Slide 12: Installed base drives truck tray revenue certainty
Installed base drives truck tray revenue certainty 89% Retention USA ~$90Mpa 1670 Bodies 11% APAC 33% 56% 1170 Bodies ~$60Mpa Annual Recurring Revenue Repeat Customers (Non-Annual Buys) Other 12 Austin Engineering Limited - Rottnest Conference Presentation 2024 www.austineng.com
Slide 13: Acquisition of Mainetec has galvanized our mining bucket offering
Acquisition of Mainetec has galvanized our mining bucket offering ~16 Mining Bucket Perth, WA 15 Buckets*1 deliveries/month *2 *1 Peak deliveries of new build buckets in recent years primarily in Australia. *2 Current production rate of new & rebuild buckets in Australia. Mackay, QLD P 13 Austin Eng
Slide 14: Digital condition monitoring provides added value to customers
Digital condition monitoring provides added value to customers P 14 www.austineng.com
Slide 15: Data driven decisions – independently verified cost per ton
Data driven decisions – independently verified cost per ton P 15 www.austineng.com
Slide 16: Several major opportunities are developing
Several major opportunities are developing... OEM Truck Repairs Supply and Trays India Mining Buckets 16 Austin Engineering Limited - Rottnest Conference Presentation 2024 www.austineng.com
Slide 17: Outlook & Guidance
Outlook & Guidance P 17 Austin Engineering Limited - Rottnest Conference Presentation 2024 www.austineng.com
Slide 18: FY24 Full Year Guidance – continued strong growth
FY24 Full Year Guidance – continued strong growth with major market opportunities ahead. • FY24 revenue of $310 million - $330 million, up ~24% from FY23 • FY24 NPAT of $31 million - $33 million, up ~75% from FY23 Outlook • Company on track to be debt free in FY24 • Guidance has been made on the fol
Slide 19: 6 months objectives – building on the momentum
6 months objectives – building on the momentum… Order book strength with key strategic opportunities. Batam & USA manufacturing expansion driven by strong growth. AustBuy will contribute as a significant profit centre. Strong cashflow will be a feature of the business. P 19 Austin Engineering Limite
Slide 20: Austin has had the 2nd highest earnings CAGR in mining services
Austin has had the 2nd highest earnings CAGR in mining service’s ANG Courtesy of Euroz data provided Feb 2024 20 Austin Engineering Limited - Rottnest Conference Presentation 2024 www.austineng.com
Slide 21: But has the second lowest PE ratio of Euroz mining services companies
But has the second lowest PE ratio of 12 Euroz “mining services” companies 24.3 25 20 15 Avg 15.4 PE RATIO 10 7.8 5 7.2 0 ANG Euroz data provide 20/02/24 includes ASX mining services and select industrials. 21 Austin Engineering Limited - Rottnest Conference Presentation 2024 www.austineng.com
Slide 22: www.austineng.com
“NOW THIS IS NOT THE END. IT IS NOT EVEN THE BEGINNING OF THE END. BUT IT IS, PERHAPS, THE END OF THE BEGINNING.” Winston Churchill www.markdavidgerson.com
Slide 23: design matters | austineng.com
design m atters | austineng.com www.austineng.com