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.
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