We maintain a positive view on SCEE and upgrade to BUY (prior HOLD) on share price falls of 17% since late August. We expect solid revenue and earnings growth in FY25, which will include a full year contribution from MDE. Further out SCEE is a likely beneficiary of strong tailwinds in sectors to which it has exposure. This longer-term outlook could be boosted by further inorganic growth supported by a strong balance sheet. M&A has been well-executed in previous years and has added considerable business breadth and capability.
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