Our recent Mining Services results preview suggested there would be a focus on FY24 cash flow and balance sheet performance. Perenti has materially upgraded its FY24 free cash flow expectation to ~$180M from more than $100M. Perenti delivers the largest earnings amongst its peers, is demonstrating strong conversion of that earnings into free cash, and is seeing leverage reduce, yet trades on one of the lowest multiples relative to peers. We maintain a BUY call on an upgraded valuation of $1.65 (prior $1.60).
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