The MAH management team has articulated a clear strategy and is executing plans well. The interim period numbers were solid, with underlying EBIT(A) of $44.1m ahead of our expectations. The balance sheet is in a healthy position, and the Company is well set to pursue significant growth opportunities with existing and new clients. This augurs well longer term, and is reflected in our revised valuation of $0.37 (prior $0.35). Our BUY call reflects a positive view of a Company that has responded well to challenges, has met guidance over the last couple of years, and is now well set up for the future.
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