Heading into 2019 and the interim reporting season, we have reviewed our forecasts and valuation for SCEE. In upgrading to BUY following the full year results in August, we noted SXE had transformed itself in recent years, substantially reducing exposure to resources, increasing its scale and diversity, and improving its earnings visibility. These attributes are such that we believe sufficient conservatism has already been built into our forecasts, and we make no changes in this update. Our blended valuation remains $0.85 and we maintain a BUY call on medium-term growth potential and a less risky business model.
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