NRW performed strongly in FY24 and has reiterated guidance for further solid growth in FY25. Its broad offering provides a wide range of opportunities and diversity of income streams. Organic growth has been impressive, and acquisitions well considered. We anticipate NRW to deliver more of the same in coming years. Our HOLD call is on valuation grounds as the share price nears our lifted valuation of $3.95 (prior $3.75).
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