Interim EBIT of $59.9m preserved ASB’s upward growth trend, and we maintain a positive view on the organic and inorganic growth opportunities across the US and Australasia. There is global recognition of ASB’s capabilities, and in our view the strong financial position (net cash $152.4m) importantly will help the Company maintain its competitive technological edge. Our valuation increases to $4.40 (prior $4.00) and we maintain a HOLD call given fair trading multiples in our view on our revised numbers.
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