We reduce our earnings forecasts given the virus crisis impact on normal operations. We expect some delays to project work and deferral of non-essential services work, and we also anticipate additional costs as businesses endeavour to keep their employees safe. We expect VMX to continue its upward earnings trajectory post crisis but see balance sheet strength as key in the meantime. There is value on our revised numbers at the current price and we maintain a BUY call on a valuation of $0.35 (prior $0.42).
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