The award of a large ~$800m, 5-year contract in Botswana caps a successful bidding year, particularly in underground, and ASL has enviable visibility from long term contracts across different geographies and commodities. The new and renewed contracts, and strong 1H19 performance from Barminco, has endorsed ASL’s acquisition rationale. We maintain a $2.15 valuation, and see upside when Project funding is obtained, and after ASL provides more cash flow, balance sheet and outlook detail with August results. BUY.
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