Civmec's (ASX:CVL) improving quality and diversity of the order book, growing contribution from recurring maintenance revenue, and continued contract wins are increasing visibility around future earnings, Euroz Hartleys said in a Tuesday note.

It announced over AU$220 million of new contract awards and extensions, taking the order book to over AU$1.5 billion, and the new work is expected to be delivered across fiscal 2027 and fiscal 2028.

The increasingly diversified order book, growing contribution from recurring maintenance work and the new awards continue to improve earnings visibility and give the analysts greater confidence in their fiscal 2027 forecasts. Euroz Hartleys applied a 13x multiple to its fiscal 2027 earnings before interest and taxes forecast of AU$93.8 million.

The investment firm maintained its buy rating on Civmec and its price target of AU$2.46.

Civmec's shares were up nearly 3% in recent Tuesday trade.