GB : Keller Group Plc - AGM indicates in line with claims gain off-setting FX drag

AGM statement guides to trading in line with a more positive outlook offset by c. £5m to £6m FX drag; FD EPS unchanged. We maintain our FY 21 IAS17 net debt estimate of £100m, or 0.7x net debt/EBITDA. The order book is above £1bn vs. c. £1.0bn FY helped by HS2 and despite FX. North America is trading in line with puts and takes, and benefits from a c. £5m claims resolution. At Europe, the division’s recovery has been held back by COVID and there are delays on HS2. At AMEA, ASEAN is being restrained by COVID but Australia is winning mining work. Buy TP 1070p - depressed CY 21 P/E of 12.7x.

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