MAH reiterated FY21 EBIT(A) guidance of $90-100m at the AGM. Looking further out there is a large opportunity set to add to the June ’20 work in hand of $4.5b, with the potential for awards of $2-4b in the next 12 months. Making assumptions on conversion and roll-off of this pipeline we find our medium-term revenue forecasts comfortably achievable. With consistent delivery against guidance in each of the last three years, we have confidence in a maintained BUY call, and continue to point to the valuation upside.
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