Much improved market conditions in 2H17 extended into 1H18, where ANG delivered $155m revenue and $12.2m normalised EBITDA, slightly ahead of the $10-12m guidance range. We expect the environment to continue to support further gains in coming years, noting ANG points to a large number of pipeline opportunities in outlook commentary. Our blended valuation of $0.270 (prior $0.265) suggests a hold call remains appropriate pending conversion of opportunities at suitable margins to backfill our FY19+ forecasts.
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