Macmahon has announced a $463M addition to the order book with a mining services contract win in Indonesia. Importantly, capex required for the job is minimal, which will help Macmahon maintain the positive trajectory towards its 20% ROACE target. Decmil performance could be an upside swing factor to our forecasts, and we maintain a positive view, a $0.45 valuation, and a BUY call.
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