SRG delivered strong interim results, improved the balance sheet position (now net cash), and upgraded EBITDA guidance to $45-47M (from $42-45M). With $750M work won YTD across segments, sectors, and geographies, momentum is strong into this half and beyond. We increase our blended valuation to $0.58 (prior $0.52) and note the improving quality of earnings. SRG is well positioned to grow further and we maintain a BUY call.
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