MAH was one of our key picks heading into the reporting season, and the record FY20 result indicates this view was well founded. The Company has a strong balance sheet to address a large opportunity pipeline, and with FY21 guidance largely underpinned by locked in work we believe earnings risk is to the upside. Management is building a track record of consistently meeting targets. Our BUY call anticipates delivery of further growth and is underpinned by a $0.38 valuation (prior $0.37).
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