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Published on: May 20, 2019

Sustainable development

We believe leading engineering and construction group nmcn will benefit from sustainable earnings growth, supported by environmental investment and a trend among customers seeking more stable, long-term partners after Carillion’s failure. The cash-positive group’s strategy prioritises margins, cash generation and risk management to prevent recurrence of loss-making legacy contracts. Based on what we believe to be conservative estimates, the shares are trading on a FY 2019E P/E of 10.3x and yield of 3.5%.

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