Perenti had provided comprehensive guidance so there were no surprises for us in the results, although worth highlighting the strong free cash flow of $184M and continued improvement in balance sheet metrics. New FY25 EBITA guidance of $325-345M implies earnings growth of 4-10% and we edge our forecast higher accordingly. Scale, consistency, balance sheet strength, a free cash flow yield in the high teens, and an attractive dividend yield provide reasons to own. BUY on an upgraded valuation of $1.75 (prior $1.65).
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