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Matrix Composites & Engineering (MCE) - Subdued FY17 Results

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For MCE FY17 results were difficult, but largely expected. An underlying EBITDA loss of $4.4m reflects the subdued offshore oil and gas sector. Negligible sales in MCE’s core riser buoyancy market and a bleak outlook for new offshore rig builds has forced the Company to diversify its product offering to better utilise its state-of-the-art manufacturing facility in Henderson. Whilst some early success has been had, in particular with Matrix LGS (the Company’s low drag buoyancy products), we believe it will take time to penetrate new markets. Given a high level of uncertainty and a likely very soft FY18 we maintain our HOLD call on a revised DCF valuation of $0.38/share (previously $0.43/share).

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