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Southern Cross Electrical Engineering (SXE) - Turning On The Lights

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FY17 represented a transformational year for SCEE, broadening both its sector and geographic presence through the acquisitions of Datatel and Heyday5. The Company ends the year with a record order book of $480m (FY16 order book was $55m), and a potential pipeline of another $1.3bn work. Significant restructuring has also reduced SCEE’s fixed cost base, providing expanded EBITDA margins for FY18 and beyond. SCEE’s successful diversification, higher than expected order book, and reduced fixed cost base has caused us to increase our valuation to $0.85 (previously $0.60). BUY call maintained.

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