All bar one slide in the AGM presentation was positive in our view. We like the depth and width of the combined business offering, the building of recurring revenue streams, the effort being put into successful integration, and the opportunities we believe these will bring in the coming years. However, investor focus was on FY19 underlying EBIT guidance of $30-35m. It was the first comment on this year’s financial outlook, but below market expectations and further, relies on a stronger 2H. We expect a decent uplift in FY20 (although project delays detract from current, they add to future, performance). Despite the FY19 earnings miss, GCS is cheap compared to our blended valuation of $0.75. BUY.
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