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Austal (ASB) - We'll Take It

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Although design partner Fassmer lost the OPV bid, ASB will be involved in the programme with winning bidder Luerssen. This is not unexpected given ASB’s shipbuilding experience and existing facilities. Importantly, the work will help underpin Henderson’s operations, backfilling our Australian forecasts (rather than adding to them). We expect the maturing LCS programme and significant commercial work to boost FY19 earnings. Momentum is positive and we maintain a buy call on a $2.10 valuation (prior $1.96).

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