VMX delivered FY20 underlying EBITDA of $5.8m, in line with update in July. The positive outlook commentary was also maintained on the back of a $74m order book and strong tender and pipeline opportunities. The Company expects to improve the cash position in the near term following a deterioration in 2H20 which saw $4.0m operating cash outflows. The strategy to broaden the service offering organically and acquisitively is positive, and we maintain a BUY call on undemanding multiples and a $0.32 valuation (prior $0.35).
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.