A 52MW EPC contract awarded to newly acquired Contract Power by Mineral Resources (ASX:MIN) demonstrates the expanded capabilities, broader relationships and additional sectors accessible to the combined PEA business. We believe PEA is strongly positioned to add to a portfolio of installed capacity that is now approaching 400MW, and are less concerned that recent awards have gone elsewhere during a highly competitive period. Visibility via a weighted average contract duration of >4 years and undemanding trading multiples underpins our BUY call on an unchanged $0.80 valuation.
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