GNG delivered a better than expected FY20 result with EBITDA of $11.3m and closing cash of $37.5m. It sets the business up for a strong FY21, which has recently been backfilled by $170m in contract wins. GNG has guided to $280-300m revenue. However, we think our $310m revenue forecast is achievable, and see upside potential from pipeline opportunities. BUY maintained on strong visibility and a $1.25 valuation (prior $1.20).
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