Monadelphous delivered a strong interim result, with NPAT of $42.5M in line with recent guidance. Cash conversion was impressive, and closing cash of $273M position the Company well to invest in strategic growth. Upgrades to our EBITDA forecasts increases our valuation 6% to $15.30 (prior $14.50). Monadelphous is a low-risk, highly regarded name in the contracting space and appropriately valued by the market. HOLD maintained.
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