MAH has won a three year extension and expansion of its contract at the Byerwen coking coal mine in QLD, adding $700m to the order book. Guidance has been reiterated for FY20 (revenue of $1.3-1.4b and EBIT(A) of $85-95m), while FY21 work in hand has grown by $0.1b to $1.2b before any civil and short term work. We believe our FY21 revenue forecast to be ~95% underpinned and gain confidence with management’s commitment to provide guidance in August. BUY maintained on an unchanged valuation of $0.37.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.