Interim EBITDA of $146M puts Emeco on track to meet its reiterated full year guidance of $300M. Early success in the cost-out program and opportunities to improve utilisation (weather permitting) should deliver a stronger 2H. Strategy is clear, and the business model simplified, with the key ROC metric providing a useful yardstick to measure ongoing performance. We maintain a BUY call on a revised valuation of $1.25 (prior $1.15).
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