The positive trends evident in the FY24 results are extending into FY25, with Emeco reiterating its expectation for margin, return on capital, and free cash flow uplift this financial year. The Company’s expectation of at least $300M EBITDA in FY25 is in line with our prior forecast, which we have left unchanged at $301.5M. Emeco’s strategy is clear, and we believe the business model is well supported currently by a customer focus on capital light options and some deferral of capex decisions pending the longer-term potential for fleet electrification. BUY maintained on a $1.15 valuation (prior $1.13).
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