An update on the Decmil integration today indicates it is proceeding well. Work won by Decmil since acquisition suggests there was work in the wings waiting for the support of Macmahon’s balance sheet. Targeted margins in the civils segment provide upside to our cautious forecasts, which would also be positively impacted if Homeground occupancy can be maintained above 20% in FY25. We maintain our $0.45 valuation and BUY call.
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