For what its worth, I've attached my FY 21 forecasts for ASH. I...

For what its worth, I've attached my FY 21 forecasts for ASH. I actually think these forecasts are comfortably achievable given recent performance (particularly the strong LH growth late in the half). In summary, at the current 42c s/p, we should be looking at a P/E of <8x, a H2 dividend of 2c (bringing the FY dividend to 3.8c fully franked, or a gross up dividend yield of ~12%). This business should also continue to grow nicely through organic growth and acquisitions, particularly as the COVID headwinds continue to abate and govt spending ramps up.