In today’s briefing:
- Austal (ASB AU): Hanwha’s Offer For U.S. Unit After Contractual Relief Goes Astray
- Austal (ASB AU): Hanwha Ocean’s Compelling Offer for the US Business
- Aequitas: PM Capital Placement – Large Deal Size in ADV; past Placements Have Done Well
- FleetPartners (FPR AU) Dings Element’s Exclusivity. SG Fleet Returns. ORIX Joins The Party
- Research Comment english – Aspermont Ltd. – 11.08.26
Austal (ASB AU): Hanwha’s Offer For U.S. Unit After Contractual Relief Goes Astray
- This morning (11th August), Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU) announced loses at its US unit after failing to secure contractual relief (previously expected & booked).
- Concurrent with this trading update, Austal announced Hanwha, currently holding 19.9% in Austal (9.9% direct + 9.9% via swap), has made a US$1.05-2bn indicative Offer for this US unit.
- On balance, I see Hanwha receiving the necessary regulatory approvals. The US secures a cashed-up ally to construct strategic vessels; and Canberra keeps the domestic ops in local hands.
Austal (ASB AU): Hanwha Ocean’s Compelling Offer for the US Business
- Austal Ltd (ASB AU) disclosed a non-binding proposal from Hanwha Ocean (042660 KS) for Austal USA at an EV of US$1.05-1.20 billion, 1.1x to 1.2x of the Group’s pre-bid EV.
- Alongside the NBIO disclosure, Austal has provided a trading update noting significant non-cash provisions at Austal USA, resulting in an expected FY26 EBIT loss of A$175 million.
- Hanwha’s offer is attractive, and securing US approvals should not be an issue. Austal’s valuation remains compelling, with my SoTP valuation of A$5.95, a 32% premium to the last close.
Aequitas: PM Capital Placement – Large Deal Size in ADV; past Placements Have Done Well
- Pm Capital Global Opportunity (PGF AU) is looking to raise US$124m in its primary offering.
- Proceeds will be invested in line with current investment strategy and issuance of new shares provides greater market liquidity for trading stock.
- In this note, we will talk about the placement and run the deal through our ECM framework.
FleetPartners (FPR AU) Dings Element’s Exclusivity. SG Fleet Returns. ORIX Joins The Party
- After rejecting SG Fleet’s $3.60/share NBIO, Element Fleet (EFN CN) tabled a A$3.80/share NBIO for FleetPartners (FPR AU), increasing to A$4.00/share with exclusive DD. FleetPartners has now rejected that exclusivity.
- SG Fleet has returned with a revised A$4/share NBIO (no exclusivity). And now ORIX (8591 JP) has thrown its hat into the ring with a A$3.80/share NBIO (also no exclusivity).
- FleetPartners is mulling all three proposals. A$4/share is looking full. And fair.
Research Comment english – Aspermont Ltd. – 11.08.26
- Aspermont’s third-quarter results provide the clearest evidence to date that the operational transformation outlined in our previous research reports is beginning to translate into improved financial performance.
- When we resumed coverage in March 2026, our investment case centred on the transition from a traditional specialist publisher to a scalable, subscription-led data and intelligence platform.
- In our June update, we highlighted that the completion of the main investment phase and the launch of the first Mining-IQ applications should gradually unlock operating leverage.
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