MAH delivered a solid result, with underlying EBIT of $75.1m falling in the middle of the guidance range. Cash flow was good, and the balance sheet is supportive of further growth as the Company targets a large opportunity set. We recently re-initiated coverage with a view there was significant share price upside. We believe this is still the case, and it will become more evident as MAH strings together, as we expect, further periods of sound operational and financial performance. We believe risks will abate over time, and we reiterate our BUY call and $0.30 valuation.
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