MAH hit its earnings targets for the 6th consecutive year, giving confidence in FY24 EBIT(A) guidance of $130-140M, a level well ahead of our prior thinking. The 4Q23 EBIT(A) margin hit MAH’s 8% objective, the Company was awarded $2.6B in new and extension work during FY23, and the balance sheet was in good shape at year end. An increased dividend payout policy suggests a yield above 6% on our numbers. MAH is trading too cheaply for a Company that has consistently hit guidance.
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