Underlying FY18 EBITDA of $23.2m was toward the top end of the guidance range. However, key for us is ongoing strategy execution. Business rationalisation sees ANG’s FY19 EBITDA guidance of $25-28m up at least 30% on the underlying performance of continuing operations in FY18 (on our numbers). The anticipated sale of non-core crane assets in Chile reduces depreciation and interest charges, with the resultant uplift in our forecasts reflected in a higher blended valuation of $0.27 (prior $0.25) The industry backdrop is supportive in the medium-term.
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