Revenue was weaker than expected in 2Q24, although margin improved. Positively, cash flow was good in the half and leverage is a comfortable 0.8x. With costs in hand, increased utilisation is key to better 2H earnings. Given elevated risks while this plays out, we downgrade to a SPEC BUY call (prior BUY) on a revised valuation of $0.30 (prior $0.40).
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