Heading into 2019 and the interim reporting season, we have reviewed our forecasts and valuation for Ausdrill. Tighter liquidity and heightened uncertainty are key risks to project progress and therefore pose a risk to organic growth. As a result, our forecasts now largely reflect the existing level of work, with contract wins to provide potential upside. We also up risking to calculate a revised valuation of $2.00 (prior $2.25). This is significantly ahead of the current price, in our view providing a good opportunity to BUY a quality business.
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