ASB’s exposure to US and Australian naval defence spending, locations in the strategically important Asia Pacific region, and a strong cash position to address organic and inorganic growth opportunities are key positives. We capture local currency appreciation, which remains a risk, in a below-guidance EBIT forecast for FY21. On balance ASB is undervalued on current trading multiples and we maintain a BUY call on a $3.85 valuation (prior $4.00).
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