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Ausdrill (ASL) - Winning In Africa

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Africa drove strong FY17 performance, and there’s more to come. The $1.6b in awards during FY17 largely came out of Africa, and will drive strong growth in FY18 (ASL guidance is for 30-40% earnings growth), while an exceptional tender pipeline here augurs well for FY19 and beyond. There are risks to managing and funding such strong growth, but ASL is well positioned in our view. We remain attracted to the business quality and outlook, but maintain a hold call on a revised valuation of $2.20 (prior $1.95).

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