Underlying FY18 EBITDA of $23.2m was toward the top end of the guidance range. However, key for us is ongoing strategy execution. Business rationalisation sees ANG’s FY19 EBITDA guidance of $25-28m up at least 30% on the underlying performance of continuing operations in FY18 (on our numbers). The anticipated sale of non-core crane assets in Chile reduces depreciation and interest charges, with the resultant uplift in our forecasts reflected in a higher blended valuation of $0.27 (prior $0.25) The industry backdrop is supportive in the medium-term.
To access our Austin Engineering report please log in under the Client Area Log In at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
+61 8 9224 6888
+852 3557 4888