ASL’s FY18 result (underlying EBITDA of $161.4m) was in line with expectations, but the main news was the proposed acquisition of Barminco and associated $250m capital raise. In our view it is compelling for a number of reasons, despite the recognition of significant intangibles and a number of one-offs. We assume the transaction proceeds and have EPS of 20.7c in FY20 (first full year impact).
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