Macmahon delivered a set of results and FY25 guidance that beat expectations. Strategy is clear and being well executed. Although we believe earnings are at greater risk in the near-term while Decmil gets integrated, we expect EBITA guidance of $160-175M to be met given Macmahon’s consistent delivery for years. On conservative earnings forecast upgrades, our valuation increases to $0.39 (prior $0.36), and we maintain a BUY call.
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