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Decmil (DCG) - Pipeline Potential

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There were no big surprises in DCG’s FY18 result, with revenue of $342m (we had $350m) and group EBITDA from continuing operations of $4.7m (we had $2.4m). Eyes were on the outlook though, where DCG has maintained guidance for revenue of at least $500m (underpinned by a solid order book and large potential pipeline). We expect the efforts to diversify into new sectors and geographies to pay off from FY19, make little change to our earnings forecasts, and maintain a valuation of $1.35. A positive macro view and valuation upside continues to support a BUY recommendation.

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