Most guidance had been updated and/or re-iterated so there were no big surprises in FY24 results. Apart from caution around exploration (Imdex, Mitchell) outlook commentary was upbeat. There was mostly good cash conversion that improved balance sheet strength from already solid positions at the interims. Most construction, contract mining and diversified firms have had share prices react positively, with Macmahon (earnings, guidance better), Monadelphous (more construction work), NRW (margin, positive outlook) and SRG (compelling acquisition) all up ~10%+. The multiple range is still too wide in our view, providing investment opportunity.
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