It is clear Austal and Mobile, AL have been earmarked to become a key part of the US Navy’s submarine industrial base. A US$152M US Navy contract announced today could expand submarine facilities beyond the US$450M General Dynamics contract awarded last week. We maintain a BUY call and increase our valuation to $3.50 (prior $3.10) as we capture the uplift to Austal’s asset base in future periods. BUY maintained.
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