ASB 3.24% $2.55 austal limited

asb looking good

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    On Friday, Austral Ship Building (ASB) announced it had won a $90 million dollar deal to build 10 patrol boats for the government of Yemen. Before the deal analysts’ forecasts averaged 8.62c EPS for full year 2004 (prospective PER of less than 8). There’s a good chance this will now be upgraded and will hopefully result in the share price being re-rated. A forecast loss of a 0.4c per share for this year probably won’t change.
    Also, the results of a tender for twelve 60m vessels worth $450 million, for the Royal Australian Navy, is due to be released in the next few months. A win there would benefit ASB enormously.
    At the current price of 77c and a NTA of 63c the downside looks limited with plenty of upside potential. Anyone see things differently.

    As of Friday I hold ASB.
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