SRG’s EBITDA guidance upgrade to $42-45m (from $38-42m) is after recently winning >$500m work across segments, sectors, and geographies. Our analysis of the announced order book confirms the ramp up into 2H21. The momentum and pipeline further suggest the 2H run-rate can extend into FY22. We increase our blended valuation to $0.52 (prior $0.42), note the improving quality of earnings, and maintain a BUY call.
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