VMX delivered FY20 underlying EBITDA of $5.8m, in line with update in July. The positive outlook commentary was also maintained on the back of a $74m order book and strong tender and pipeline opportunities. The Company expects to improve the cash position in the near term following a deterioration in 2H20 which saw $4.0m operating cash outflows. The strategy to broaden the service offering organically and acquisitively is positive, and we maintain a BUY call on undemanding multiples and a $0.32 valuation (prior $0.35).
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