I did not notice it before, but the best comparison for MYG may be Genusplus (GNP) which also build and maintain power and communication infrastructure assets.
Unlike MYG, GNP does not seem to have any major issue with their telecom business (13 % of their revenues). GNP also mentions a high level of recurring work* : 224 m$ in FY 24 or 41 % of total revenues. GNP had an EBITDA increase of 33 % in FY 24 and expects another 20 % increase in FY 25. GNP has also a rather good EBITDA margin of 8.1 % in FY 24, identical to MYG.
* GNP defines recurring work as "works which includes long term customer/Panel revenue and revenue from long term supply & maintenance contracts. It excludes supply & maintenance revenue and minor projects from repeat customers that are not on long term contracts".
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