Monadelphous expects to report NPAT of $40-43M in 1H25, boosted by non-operating items ($7M after tax) and improved margin. This was well ahead of our and consensus expectations. Our forecasts for 2H25 and beyond are unchanged and reflect the assumption of continued strong demand from the iron ore and energy sectors. We maintain a HOLD call on a valuation of $14.50 (prior $14.40).
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