an upgrade and a great day

What a great day for Bradken on the back of a great announcement.

Bradken acquired Norcast Wear Solutions, a Canadian mining consumable co. for 202mil and an Australian mining consumable co. Australian & Overseas Alloys Pty Ltd for 20mil. This makes Bradken ( A Sydney company) the largest supplier of cast mining consumables in the world. Norcast is a high volume business and should add 43mil in gross margin, AOA should add another 6mil. Bradken expects FY12 EDITDA growth of between 25-30% and NPAT growth of between 35-40%.

Fair value has increased substantially from $8.80 to $10.20 and moved from Hold to Accumulate.

Lovely!