The $20m property sale and leaseback was a key transaction in 1H20, positioning MCE to take advantage of potential growth opportunities should they eventuate. Order book growth during the half is less clear, and we will need to wait for the 1H20 results for more outlook detail. While our unchanged valuation of $0.45 is ahead of the current price, a HOLD call is currently appropriate given the uncertain forecasts on which it is based.
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