SWK’s unaudited FY19 performance is at the top of the guidance range, but the key takeaway for us has been recent contract wins / extensions and the positive implications for utilisation in FY20. The international growth strategy has been particularly successful. Our longer term forecasts reflect more rigs in work, although margin performance and stabilisation in coming quarters will be key to earnings following the volatility in this metric during FY19. We maintain a SPEC BUY call on a $0.34 blended valuation (prior $0.30).
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