GNG has announced ~$170m in new work over the last six weeks, significantly boosting the order book and FY21 work in hand. Assuming no project timing/financing issues our revised $310m revenue forecast for FY21 is more than 90% underpinned we believe. Further, there are other potential awards that could add to FY21 as well as start to fill the FY22 order book. BUY maintained on strong visibility and a $1.20 valuation (prior $1.10).
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