West Musgrave is to be suspended and GRES indicates FY25 revenue from the project will be up to $80M lower than previously expected. We reduce our FY25 revenue forecast by this amount and find the revised number is >80% underpinned by our contract and GRPS and Mipac assumptions. It gives comfort that GRES can deliver a decent financial performance in FY25. We maintain a BUY call on a revised valuation of $2.40 (prior $2.65).
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