MCE’s operational update, which anticipates FY19 revenue of $37.5-38.5m and positive operating EBITDA in 2H19, was in line with our expectations. Confirmation of the 2H turnaround was key. Together with an order book of $24m and pipeline of ~$40m, it suggests our FY20 revenue forecast of $56m is attainable. We maintain a SPEC BUY call on the operating leverage available at Henderson. The stock price has climbed sharply toward our unchanged valuation of $0.45.
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