Naval shipbuilding dominates pipeline opportunities for Austal’s Mobile and Henderson shipyards. The award of a large ferry contract will now help underpin commercial work in the Philippines. We see Austal entering a new growth phase post a difficult transition period after the LCS and EPF programs. We expect a period of positive newsflow and earnings growth, lift our valuation to $4.20 (prior $4.00), and maintain a BUY call.
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