Agree - a nice set of numbers. - The big surprise for me was the lower corporate costs. $0.4m is a big reduction given the cost reductions taken already, and a great sign that mgt remains focused on running a lean operation; - The slowdown in concept engineering is consistent with commentary from other infrastructure players. I also hope that the CCL's earnings in 2019 were similarly impacted by the slowdown as it will mean there is more upside when some of the big east coast infra projects start to ramp up; - Operating cash flow was lower than I expected, but this related to working capital movements so probably just timing driven around balance date; - I've attempted to produce some forecasts for 2019PF and 2020 including the CCL acquisition below. These assume 6% total revenue growth and 8% EPS growth. Based on these forecasts, ASH still looks cheap at 42c.
ASH Price at posting:
42.0¢ Sentiment: Buy Disclosure: Held
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