SCEE delivered strong FY24 earnings and cash flow and reiterated FY25 guidance for at least 32% EBITDA growth on FY24. This could be boosted by further inorganic growth given the strength of the balance sheet and the well-executed M&A success in previous years. Having climbed 125% year to date, the share price has closed in on our revised valuation of $1.95 (prior $1.80) and on valuation grounds we downgrade to HOLD (prior BUY).
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