NRW Holdings shares jump 6.5% as mining services rally rolls on for second day after Monadelphous upgrade. The Perth-based contractor's shares have risen sharply after Monadelphous forecast strong first-half results and highlighted substantial new contract wins. Published 11/11/26 AT 7:35 PM AEDT SYDNEY - Shares of NRW Holdings Ltd. rose more than 6% on Wednesday as a rally in Australian mining services stocks continued for a second day, after sector peer Monadelphous Group gave strong first-half guidance. NRW shares gained 42 Australian cents, or 6.47%, to A$6.91 after trading between A$6.48 and A$6.92. About 2 million shares changed hands, and the company was valued at about A$3.2 billion. The stock is up about 36% over the past year. The gain followed a rise of more than 5% on Tuesday, when contractors rallied across the market after Monadelphous forecast first-half revenue of about A$1.7 billion and net profit of A$80 million to A$85 million. Monadelphous also said it had won about A$830 million in new contracts since July 1. Monadelphous shares rose another 7% to a record high on Wednesday, and investors also bought other contractors exposed to mining and energy spending. Strong fiscal 2026 NRW, based in Perth, provides civil construction, contract mining, drill-and-blast and engineering and maintenance services to the resources and infrastructure sectors. It operates in every Australian state except Tasmania. The company reported fiscal 2026 revenue of about A$4.29 billion, up 31.4%. Underlying net profit after tax rose to A$182.7 million from A$127.2 million a year earlier, and statutory profit was A$153.4 million. NRW is also branching out beyond mining. Its Fredon business won a contract to fabricate mechanical systems for a 432-megawatt portion of Stack Data Centres' 864-megawatt Melbourne campus, with work running from September 2026 to March 2028. The contract adds exposure to data centre construction in Australia, which is growing fast. Recovery from a pullback NRW was one of the market's strongest performers earlier this year. A string of contract wins pushed the shares up about 164% over the 12 months to late May. The stock then fell with other contractors as investors worried about cost inflation, labor shortages and higher interest rates. The shares have recovered in recent weeks, and the Monadelphous update gave the whole sector a boost this week. Risks remain Like other contractors, NRW faces risks from rising costs, labor availability and project execution. Its exposure to mining activity also makes it sensitive to commodity prices and to customers' spending plans. NRW has had problems with clients before. In early 2025, it flagged money owed by SIMEC Mining at Whyalla in South Australia after its client ran into financial trouble. NRW holds its annual general meeting on Nov. 26, when investors will look for an update on trading and the outlook for fiscal 2027. MEET IBT NEWS FROM BELOW CHANNELS

Monadelphous shares are up more than 20% in two days. Are they still a good buy? The company's first-half numbers are looking good. Published November 11, 11:54 am AEDT Monadelphous Group Ltd (ASX: MND) shares have led the gains on the ASX for the past two days following a strong business update, which would see the company booking first-half revenue up about 10% over last year. The engineering and construction services company's shares have put on 23.3% over two trading days to be changing hands for $34.55. But a case could be made that the shares are still good value. Winning new contracts in the resources sector. Let's have a closer look at the trading update before I explain why the company still looks like a decent buy. Monadelphous actually delivered two positive updates recently, with a 28 October announcement revealing that the company had been awarded a number of new contracts in the resources sector worth about $150 million. These contracts, with Rio Tinto Ltd (ASX: RIO), BHP Group Ltd (ASX: BHP), and Whitehaven Coal Ltd (ASX: WHC) run for the next two to four years. Then the company on 10 November said it had had a strong first four months of the financial year and gave guidance that first-half revenue would come in at around $1.7 billion, up from $1.53 billion for the first half last year. Monadelphous explained: The Company has experienced strong operating conditions throughout the first four months of the 2027 financial year. Activity levels have remained elevated across the business on the back of the substantial level of new contracts and contract extensions awarded over the last couple of years, with a further $830 million in new contracts secured since 1 July 2026. Demand for engineering construction services continues to be particularly strong, contributing a larger proportion of the Company's total revenue than in the first half of the previous financial year. Increased revenue from integrated construction projects and a full six-month contribution from Kerman Contracting are the primary drivers of the growth. Monadelphous is expecting net profit to come in at $80 to $85 million for the half, up from $64.8 million. Valuation looks undemanding. The main reason I believe the company still looks like a decent buy, is that its trailing price-to-earnings (P/E) ratio is sitting at 22.56 based on the most recent numbers. If the profit is going to step up substantially, it stands to reason that the shares need to rerate if that P/E ratio is to stay the same. The company has also been steadily increasing its dividends for the past three years, and with a strong net cash position and increasing profits, another increase could be on the cards. Brokers also seem to like the shares, with The Australian reporting on 11 November that Bell Potter had upgraded its recommendation to a buy with a $36.50 price target. Foolish takeaway. Monadelphous has been executing well over the past couple of years, and this recent announcement is more of the same. The company's strong track record of growth and dividend payments makes it an attractive proposition.