Heading into 2019 and the interim reporting season, we have reviewed our forecasts and valuation for Valmec. Despite heightened global concerns, we maintain a positive view on the tailwinds behind gas construction and operations services in Australia. As a result our forecasts and valuation of $0.42 are unchanged. On our numbers VMX is trading on undemanding forward multiples, suggesting considerable share price upside potential. BUY maintained.
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