With all geographic regions contributing for Austal, we have long expected a solid performance in FY19. Recent share price moves reflect this positive outlook. In our view, consistent margins and earnings in the US, together with a growing level of group Support work (>$200m in FY18), helps underpin earnings. Meanwhile, investment in new designs and technology, and expanding capacity in Australasia, sets ASB up to take advantage of growing demand in the commercial ferry market. BUY maintained on a $2.30 blended valuation (prior $2.25).
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