Peet beat our 1H25 earnings expectations and has provided full year NPAT guidance of $50-55M. Contracts on hand of >$660M and enquiry levels above long-term averages support this outlook. We expect significantly stronger cash flow in 2H25 to reduce gearing towards 30%, the top end of the target range, by the end of the financial year. We maintain a BUY call on a revised valuation of $1.80 (prior $1.70).
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