RaaS has published an update on engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) following its recent AGM at which the company released an updated sales pipeline for the remainder of FY25, stating strong expected win rates of at least equal to last year's 36%. We retain our existing forecasts with FY25 revenue growth of 11% to $103.2m and EBITDA growth of 19% to $10.5m. However, the AGM commentary gives us additional comfort and confidence that VBC is well placed to deliver those forecasts. We retain our DCF valuation of $0.40/share, representing potential upside of 196% over the current share price. This is supported by further favourable financial metrics including FY25f EV/EBITDA of 3.5x, PER of 8.6x and forecast fully franked dividend yield of 5.1%.
