At the AGM this morning DCG remained upbeat on the outlook, with opportunities seen across all sectors. Contracted and preferred work in hand sits at ~$900m, and the Company has maintained guidance for construction revenue ~$700m in FY20. Indications that FY20 margins would be similar to 2H19 and that there will be a 2H weighting this year has informed our revised forecasts, which are slightly lower than prior. We remain positive on the opportunity pipeline and the potential for medium term margin growth. We retain a BUY call on a $1.10 blended valuation (prior $1.15).
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