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NRW's AU$200 Million Tonkin Highway Project Builds on Strong Momentum, Says Euroz Hartleys

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NRW Holdings (ASX:NWH) has been awarded a AU$200 million contract for the Tonkin Highway Grade Separations project, underpinning robust momentum across its civil infrastructure division, Euroz Hartleys said in a note on Thursday.

The contract win strengthens NRW's positioning in major Western Australian road and infrastructure projects supported by broader government-led spending, as the Tonkin Highway corridor remains a key transport route for Perth.

The investment firm said opportunities across NRW's civil construction, mining, engineering, and electrical and mechanical services businesses remain "buoyant," with the company actively bidding for around AU$9.2 billion worth of projects from a broader pipeline of roughly AU$25.2 billion.

The firm added that it expects further conversion from NRW's AU$2.5 billion civil tender pipeline and also sees significant opportunities in data centers-related projects over the next decade.

Euroz Hartleys maintained its buy rating, while its price target of AU$7.20 remains under review.

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