We believe the ability to leverage off the US footprint as a result of the Hanlon acquisition is key. Geographic diversification provides additional opportunity and will potentially smooth future earnings streams. Acquisition aside, we are more upbeat on the outlook entering 2020, as GNG has pipeline exposure to a number of large projects if they’re progressed and converted. We therefore look beyond the near term uncertainty created by a currently slim project workload and issues with UPS client TOGA to set our valuation at $1.15 (prior $1.00) and maintain a BUY call.
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