Further North American contract wins helps de-risk expectations for APM Human Services International, and supports Morgan Stanley's re-acceleration thesis for FY25-26.

Building on prior program wins, the company has secured a five-year contract with Ontario Employment Services, while several Job Corps and Workforce contracts were also won in the US.

Equal-weight rating. Target $1.40. Industry view is In-Line.

Sector: Commercial Services & Supplies.

Target price is $1.40.Current Price is $1.68. Difference: ($0.28) - (brackets indicate current price is over target). If APM meets the Morgan Stanley target it will return approximately -20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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