Heading into 2019 and the interim reporting season, we have reviewed our forecasts and valuation for GR Engineering. Both have been pulled back, the latter to $1.30 (prior $1.55). We continue to like the business; it is a well-managed, quality EPC contractor, with a strong track record. However, in an environment less conducive to mining project progress, and with the timing of Thunderbird in particular providing a high degree of near term earnings uncertainty, we believe a HOLD (prior BUY) is more appropriate pending greater clarity.
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