Heading into 2019 and the interim reporting season, we have reviewed our forecasts and valuation for Austin Engineering. Our FY19F EBITDA is now at the lower end of guidance range, and we have upped risking in our valuation calculations. We still find more than 20% share price upside to our valuation, and maintain a BUY call with a $0.24 blended valuation (prior $0.27). We remain positive on ANG’s strategy, global diversity, and the repair & maintenance spend evident in 2018. Risks relate to the deferral of mining capex and non-urgent opex in 2019, and the timing and success of the targeted sale of the crane hire business in Chile.
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