Monadelphous’ FY24 EBITDA of $127.4M was ahead of expectations as margin climbed to 6.5% in the 2H24 while the Engineering and Construction (EC) segment made a greater contribution to group revenue. The outlook commentary was positive and provided comfort around continued top line and earnings growth at a time when projects exposed to weakening commodity prices have come under threat. We maintain a BUY call on a revised valuation of $14.00 (prior $13.70).
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