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Global Construction (GCS) - Building A National Footprint

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GCS successfully diversified its business onto the East Coast and continued to strengthen its balance sheet in FY17 (currently $3.8m net cash). Whilst FY17 results were softer than we forecast, we expect significant growth opportunities in the future for the commercial sector in particular. We believe execution of the East Coast expansion strategy and balance sheet strength warrant multiple expansion; we now value GCS on 8.0x P/E (previously 7.5x). GCS trades on undemanding multiples and offers value as well as growth. BUY call maintained on a blended $0.80 valuation.

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