The award of $107m project work at the Lake Way SOP project gives the order book a welcome boost. Further work needs to be won to hit our FY21 revenue target, but we view this as achievable, and potentially beatable, given potential exposure to a number of large projects if they are progressed and converted in GNG’s favour. Timing remains the key unknown. We maintain our BUY call and $1.10 valuation.
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