Unlike some of its construction-exposed contracting peers we expect a fairly even split between halves, and see potential upside to our numbers given our full year EBIT forecast falls toward the bottom end of the guidance range. Risks have abated over the last 6 months; the FY19 result was solid, the Board’s been refreshed, and Telfer performance improved. Batu Hijau has delivered to date, and Indonesia opportunity adds to the large potential pipeline. Lower risk is the catalyst for a revised valuation of $0.35 (prior $0.30) and our maintained BUY call reflects our view of a Company well set up for the future.
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