A strong interim result from SCEE, boosted by Infrastructure revenue growth well ahead of expectation. We expect 1H25 EBITDA of $27.1M can be matched in the 2H. The longer-term outlook is underpinned by strong sector tailwinds, and could be enhanced if further acquisitions add geographic breadth and capabilities. After strong cash flow last half, the balance sheet comfortably supports inorganic growth, and we note M&A has been well-executed in previous years. BUY maintained on a $2.00 valuation (prior $1.95).
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