ASB firmly delivered on the expectation that FY19 would be a breakout year. After a $20m EBIT swing in performance from Australasia, group EBIT of $92.8m was up an impressive 46%. Operating cash flow of $164.5m was a positive surprise, and the Company ended the year in a strong position to chase growth opportunities. These are considerable, in both the US and Australasia, and we believe the longer term potential is significant given the growing global recognition of ASB’s designs and shipbuilding capabilities. We upgrade to HOLD (prior SELL) on a revised valuation of $4.00 (prior $3.20).
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