Monadelphous Group's New Contract Wins Show Benefits of Favorable Capex Environment, Says Jefferies

MT Newswires Live

Aug 13

Monadelphous Group (ASX:MND) continues to benefit from a favorable resources capital expenditure environment with three new contracts, according to a Thursday Jefferies note.

The company on Thursday said it won new construction and maintenance contracts worth more than AU$110 million in the resources, energy, and infrastructure sectors.

The investment firm added that ALS (ASX:ALQ), Perenti (ASX:PRN), and Imdex (ASX:IMD) remain its preferred picks, although the broader sector is benefiting from the rising resources investment cycle.

Jefferies kept an underperform rating on Monadelphous Group with a price target of AU$25.

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