GRES delivered a strong interim result, with EBITDA of $34.5M well above expectation driven by a healthy margin of 12.7%. It extends a period of double-digit margins, and we upgrade margin expectations in forecast periods. The earnings result was enhanced by strong cash conversion and closing cash of $112M. With considerable opportunities, particularly in gold, we increase our valuation by 13% to $3.33 and maintain a BUY call.
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