Austin Engineering (ASX:ANG) faces revenue tailwinds, with its medium-term outlook driven by growth in the US, South American copper, and Pilbara iron ore, among others, according to a Monday note by Euroz Hartleys.

The financial services firm said that regulatory changes under the Trump administration are expected to extend mine life and unlock greenfield sites, boosting ANG's growth in the US mining sector. ANG manufactures coal, gold, and copper open-pit bodies in the US.

Major miners are focusing their investment on South American copper, a region where ANG is already established, Euroz Hartleys said, adding that ANG's strong

relationships in Australia's Pilbara iron ore region ensure stable long-term earnings.

Further, the financial services firm sees the opening of new mines as a key demand driver for ANG, a global manufacturer of truck bodies, as these mines are typically outfitted with original equipment manufacturer (OEM) bodies.

The company is also expanding its market share in OEM manufacturing, helping it capture "significant" new mine revenue and drive substantial growth, the financial services firm said.

The financial services firm also believes ANG is well-positioned to benefit from a short replacement cycle for its truck bodies, as the period of low demand for replacements is coming to an end.

With low capital expenditure, high return on capital employed, and strong free cash flow, Euroz Hartleys expects ANG's stock to trade at a higher earnings multiple

The financial services firm maintained a buy rating and price target of AU$0.85 on ANG.