Following the recent business update, there were no surprises in PEA’s $45.8m underlying FY18 EBITDA result. Guidance in the range of $54-55m has been provided for FY19. This is below our prior forecast, which we have adjusted, but in our view is largely underpinned by existing contracts and does not capture organic growth opportunities. Reasons to like PEA are intact; in a mining services sector typified by volatile earnings, PEA offers rare visibility and consistency.
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