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Orbital (OEC) - Drones To Provide The Lift

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Preliminary FY17 results are disappointing and below expectations, although the value in the business relates to significant opportunity for growth in the UAVe segment. Earnings forecasts are strongly weighted to this sector. Gains have taken the share price closer to our revised valuation of $0.75 (prior $0.90). Forecasting risk is elevated and we reduce to hold (prior buy) in the near term as realisation of the UAVe potential will take time.

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