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Global Construction (GCS) - Cementing East Coast Presence

Global Construction Services Limited (GCS) recently announced acquisition of Melbourne based Summit Formwork Pty Ltd continues the Company’s strategy of diversifying and expanding outside of WA. The acquisition price of approximately 3-times EBITDA is reasonable and, according to our forecasts, the acquisition should be value accretive to GCS shareholders. We have increased our valuation to $0.80 (previously $0.75) and subsequently maintain our buy recommendation.

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