Full year revenue guidance provided at today’s AGM was close to expectation, however we have pared back our full year forecast given 1H19 expected weakness. There is still some uncertainty with regard to key project timing in FY19, but if Thunderbird progresses it will significantly bolster FY20 and FY21. We retain a positive view and a $1.55 valuation that takes into account the longer term outlook and value. BUY.
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