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Austin Engineering (ANG) - Miners Spending Again

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Echoing comments from peers ANG noted a significant improvement in market conditions in 2H17 as a pick-up in replacement capex from major miners drove a sharp rebound in performance. After a breakeven result in the 1H ANG delivered full year underlying EBITDA of $14.3m, towards the top end of the $11-15m guidance range. Australia was the key driver, as the Perth operations in particular benefited from a jump in orders. We are encouraged by 1H18 EBITDA guidance of $11-12m based largely on committed work, and expect the positive recovery trend to continue in future periods. Reflective of investors looking at significant growth potential in the mining services sector beyond FY18, our valuation increases to $0.26 (prior $0.22). Buy maintained.

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