Overview Key strengths Key risks One of the largest Australian underground mining services operator with a modestly diversified service offering. Exposure to loss of business during commodity downcycles. Track record of prudent financial management relative to industry peers'. Capital-intensive business with potentially volatile free cash flow. Sizable contract book with counterparty diversity. Material exposure to high-risk jurisdictions, including West Africa. We expect the company to book double-digit revenue and earnings growth for fiscal 2024 (ending June 30, 2024), driven by its acquisition of DDH1 Ltd. in October 2023 and the delivery of the group's growth contracts. The acquisition will add about A$110 million of adjusted EBITDA to the group, according to our estimates. Perenti?s business model reflects the ?front-loaded? capital
