Fund Manager Summary
The fund managers believe that the outlook for NRW Holdings Limited presents a noteworthy opportunity, despite recent challenges. In their opinion, NWH's operational performance is under scrutiny following the resignation of the CFO and expectations of a weaker half-yearly result in February. However, they emphasize the importance of high-quality customers and contracts that underpin the company’s value. The fund managers remain optimistic about NRW's diversified growth story and continue to monitor developments closely, suggesting that potential investors should consider the long-term benefits amidst current volatility.
Source: Trading View
Commentary From The Managers
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Maple-Brown Abbott
10 Oct 2025
$4.97
Summary
- Maple-Brown Abbott continues to hold NRW Holdings Limited as part of their investment strategy.
- NRW is seen as having potential earnings upside.
- The management team at NRW is recognized for having an exceptional acquisition track record.
- The current hold recommendation is influenced by NRW's primary exposure to coal and iron ore.
- At this stage in the cycle, there is a preference for gold investments.
- Contractors serving gold clients are expected to have more work opportunities and better pricing power.
- Maple-Brown Abbott believes there are better options available in the market compared to NRW.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Maple-Brown Abbott
10 Oct 2025
$4.97
- Maple-Brown Abbott continues to hold NRW Holdings Limited as part of their investment strategy.
- NRW is seen as having potential earnings upside.
- The management team at NRW is recognized for having an exceptional acquisition track record.
- The current hold recommendation is influenced by NRW's primary exposure to coal and iron ore.
- At this stage in the cycle, there is a preference for gold investments.
- Contractors serving gold clients are expected to have more work opportunities and better pricing power.
- Maple-Brown Abbott believes there are better options available in the market compared to NRW.
Summary
Seneca Financial Solutions
10 Oct 2025
$4.97
- Seneca Financial Solutions continues to hold NRW Holdings Limited due to current market conditions.
- Initial investment opportunity was noted at around $2, particularly with the Whyalla project as a significant factor.
- Current share price presents less appeal compared to previous levels.
- Incremental gains above market consensus are considered harder to achieve at this stage.
- Mining services sector remains promising, with opportunities identified.
- Emeco is highlighted as a preferred pick in the mining services sector.
- Other companies like Imdex and XRF are recognized for their exposure to base and precious metals.
- Despite positives, NRW Holdings is not currently viewed as the top choice within the sector.
Summary
Wilson Asset Management
30 Sept 2025
$4.63
- NRW Holdings is recognized as a leading provider of contractor solutions in the resources and infrastructure sectors.
- In September, NRW Holdings announced the acquisition of Fredon, enhancing its capabilities in electrical, mechanical, infrastructure, and technology contracting.
- This acquisition is viewed as high-quality and well-timed, diversifying the business in a capital-light manner.
- It brings significant capabilities in key growth markets, including defence, hospitals, airports, and data centres.
- Following the acquisition, NRW Holdings provided a trading update in October, with earnings guidance upgraded by approximately 4% at the midpoint.
- This suggests that momentum in the core business remains strong.
- Wilson Asset Management continues to hold NRW Holdings as they see further upside to guidance, with additional contract awards serving as a near-term catalyst.
Summary
Pendal Group
30 Sept 2025
$4.63
- Pendal Group continues to hold NRW Holdings Limited due to its strong position as a contractor in civil engineering and mining.
- NRW Holdings has recently announced the acquisition of Fredon, enhancing its service offerings.
- The acquisition of Fredon adds capabilities in electrical, mechanical, infrastructure, technology, and maintenance services.
- This strategic move is expected to expand NRW's addressable markets.
- The acquisition is anticipated to be immediately accretive to the combined company’s earnings.
Summary
Plato Investment Management
10 Sept 2025
$4.41
- Plato Investment Management recognizes NRW Holdings Limited as a mining service company, which operates in a variable and cyclical sector.
- Despite the cyclical nature, Plato Investment Management notes that NRW's customer base includes large clients who are increasing their investment activities.
- NRW Holdings Limited currently has a robust order book, indicating strong future demand.
- As a result, Plato Investment Management believes that NRW's earnings outlook is solid for the next few years.
Summary
Atlas Funds Management
10 Sept 2025
$4.41
- Atlas Funds Management continues to evaluate opportunities in the mining services sector.
- Investment thesis focuses on the volatility of mining services and contracting companies.
- Experience shows that these companies often do not provide consistent dividend yields.
- Past ownership of similar companies has led to unexpected downturns.
- Contracts need to be renewed every few years, adding to risk.
- Overall, Atlas Funds Management finds the sector too volatile for stable investment.
Summary
Plato Investment Management
25 July 2025
$3.23
- Plato Investment Management continues to hold NRW Holdings Limited due to its solid investment thesis.
- NRW Holdings is categorized as a mining service company, which is inherently variable and cyclical.
- Despite its cyclical nature, NRW's customer base consists of large clients that are increasing their investments.
- The company currently boasts a strong order book, indicating solid earnings potential for the next few years.
- There is an inherent risk of contract mismanagement in such companies, but the current pricing reflects this risk.
- NRW Holdings is trading at a low P/E ratio of approximately 12, with a yield around 7%.
- Overall, Plato Investment Management views NRW Holdings as a favorable investment opportunity.
Summary
Atlas Funds Management
25 July 2025
$3.23
- Atlas Funds Management continues to hold a cautious outlook on NRW Holdings Limited.
- Mining services and contracting companies are generally not reliable for consistent dividend yields.
- Past experiences with similar companies have led to unexpected downturns.
- Frequent contract renewals contribute to volatility in the sector.
- NRW Holdings has a significant liability of $113 million to OneSteel, which may impact future dividend payouts.
- The focus remains on maintaining a conservative approach amid these challenges.
Summary
Clime Investment Management
31 Jan 2025
$3.43
- NWH finished the month lower due to CFO resignation and weaker half yearly result expectations.
- Clime continues to monitor NWH's operational performance.
- Clime considers NWH's customers and contracts to be high quality.
- There is perceived value in the company’s diversified growth story.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"While the recent CFO departure and anticipated weaker results raise eyebrows, NRW Holdings Limited's robust customer base and diversified growth narrative could still hold untapped value for discerning investors willing to navigate the uncertainty."
Last Updated: 10 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in NRW Holdings Limited (ASX:NWH)?
Fund managers including Clime Investment Management, Plato Investment Management, Atlas Funds Management, Maple-Brown Abbott, Seneca Financial Solutions, Pendal Group and Wilson Asset Management have invested in NRW Holdings Limited (ASX:NWH).
Why do fund managers invest in NRW Holdings Limited?
Fund managers invest in NRW Holdings Limited due to its high-quality customer base and contracts, alongside a diversified growth strategy. Despite recent challenges, including the resignation of the CFO and anticipated weaker results, they see potential value in the company’s operational performance.
What happened to NRW Holdings Limited (ASX:NWH)?
Fund managers express cautious optimism about NRW Holdings Limited, noting its solid order book and strong earnings potential driven by recent acquisitions, particularly the purchase of Fredon. While some highlight the cyclical nature of mining services and the volatility in the sector, others recognize NRW's strategic positioning in key growth markets and its capable management team. Overall, the sentiment leans towards a hold recommendation, with an acknowledgment of potential upside in earnings and contract opportunities.