We expect ongoing strong demand from the iron ore and energy sectors to underpin a healthy order book for Monadelphous in coming periods. This is reflected in unchanged forecasts, which anticipate both revenue and margin growth. Our valuation climbs 3% to $14.40 (prior $14.00) however we downgrade to HOLD (prior BUY) following a share price gain of 15% in the six weeks since the AGM.
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