Following a period of restructuring and a focus on cash flow, ANG has a much improved balance sheet and is well set up for the future (although a mixed outlook means some uncertainty around growth timing). In this note we review the impact of AASB 16 (leases) on the financial statements; while our EBITDA forecast is unchanged (falling within the guidance range), the PBT and cash flow impact reduces our blended valuation to $0.215 (prior $0.230). The business has been significantly derisked, and our revised valuation still provides sufficient upside to retain a BUY call.
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