Interim EBITDA of $5.9m met our forecast, and we are confident revised FY19 revenue guidance for ~$180m will be met by locked-in work. Indeed, 2H19 wins could provide upside. We note significant pending project work, and an amount of study work that suggests further opportunities. In particular, if SFX’s project goes ahead GNG’s revenues would be underpinned for at least two years. However, project timing and margins remain uncertain, so we retain a HOLD call on a revised $1.26 valuation (prior $1.30).
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