Dow Jones Newswires
NRW's Annual Guidance Looks Too Low to Jefferies — Market Talk
Feb 16, 202406:46 GMT+8
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Jefferies thinks a beat is in the cards for engineering contractor NRW Holdings. Analyst Nicholas Rawlinson says strong trading and a higher contribution from a contract with Northern Star Resources in 2H underpins that view. NRW's Primero unit won a tender to deliver Northern Star's Fimiston growth project in Western Australia. NRW expects more than A$2.9 billion of annual revenue, and FY 2024 Ebita of A$175 million-A$185 million with management confident about hitting the high end of that range. "The growth outlook is supported by an incremental A$150 million revenue in FY 2025 from Fimiston as well as potential iron ore work packages which are beginning to come up for tender," Jefferies says. ([email protected]; @dwinningWSJ)
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