Heading into 2019 and the interim reporting season, we have reviewed our forecasts and valuation for Swick Minings Services. The performance over the last few quarters, particularly with regard to margin, has been impressive, and has led to an earnings upgrade in this note following a strong 1Q19. A key near term risk is whether the large Newmont contract is rolled over, however our blended valuation of $0.34 ex Orexplore, and $0.40 including Orexplore (prior $0.38), provides enough upside to support a BUY call regardless of the Newmont outcome.
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