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Ausdrill (ASL) - Banging The African Drum

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New equity of $100m, a largely undrawn debt facility of $200m, year-end cash of $167m and forthcoming operating cash inflow places ASL in an exceptional position to win work in Africa, where opportunities are at “unprecedented” levels. ASL enters this new growth period having rationalised the business, and we believe net earnings can double over the next two years. We expect FY18 newsflow to reflect the upbeat outlook commentary. Our unchanged blended valuation of $2.20 reflects current sector interest and multiples, and suggests upside from the current price. Upgrade to buy (prior hold).

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