NRW Latest Valuation

All - anyone aware of a detailed, up to date valuation on NRW? Its had quite a few announcements recently, and I haven't seen them factored into an updated analyst report. I bought in a while back, on the basis of the UBS target price (below) and note that whilst its close to target, I haven't seen an update which fully factors in the latest updates.

I note that Market Screen has a solid buy rating from the 6 analysts covering it, all have it at a "buy" rating, but would appreciate something recent.

Re:

https://www.marketscreener.com/quote/stock/NRW-HOLDINGS-LIMITED-6499861/consensus/

UBS Research - Last month on 24/11/2020 8:45 AM

First Read: NRW Holdings "Proposed Primero acquisition - highly strategic"

NWH announces Primero Group takeover offer for A$100mNWH has announced an off-market takeover offer for Primero Group (PGX.AX) at A$0.55 per share (equity value of ~A$100m), representing a 15% premium to last close. PGX is a leading vertically integrated business providing engineering, design, construction and operational services to the minerals, energy and infrastructure sectors (headcount ~1000). The proposed deal builds on NWH's recent acquisition of DIAB Engineering and RCR Mining Technologies and represents a further diversification of its strategic platform to offer clients continuity of services across the whole lifecycle of resource projects. Under the offer, PGX shareholders will receive A$0.275 in cash and 0.106 NWH shares (total value A$0.55 per share on NWH last closing price). NWH intends to fund the cash component out of current reserves and a new A$50m debt facility. Current UBSe forecasts a NWH net cash position (ex-leases by end of FY21E). The proposed acquisition appears to be low-single-digit EPS accretive based on FY21E FactSet consensus for PGX and highly strategic in nature. Retain Buy.Overview of PrimeroPrimero would extend NWH's Minerals, Energy and Technologies operating division ($205.6m PGX Revenue in FY20). PGX currently has a contracted order book for FY21 of ~A$285m and holds preferred EPC contractor status across multiple projects totalling ~A$900m. PGX's tier 1 client base includes: Rio Tinto, BHP, Newcrest, IGO, Northern Star, APA Group and Santos, with key revenue exposures in Iron Ore (49%), Power/O&G (38%) and Lithium (6%). Primero's current project composition is skewed towards Minerals (40 projects out of 55) and Australia (41 projects).Conference call at 2pm AEDTRegistration linkValuation: $3.15ps PT (DCF/SOTP), unchangedOur $3.15 PT is based on a roll-forward of our DCF/SOTP valuation less forecast dividends.