Austal

Seduced by the company’s record $2.3bn order book, shareholders of ferry and yacht builder Austal were burnt recently by a 9 for 10 capital raising. The share price has fallen 86% since reaching a cyclical high of $3.50 in December 2010, so with the balance sheet in better condition this is a good time for a fresh look. The company’s financial track record is telling, however. Over the past decade, it hasn’t produced a single dollar of free cash flow, despite reporting a cumulative net profit of $368m. Profits have also been highly cyclical, with dividends falling from a...

Seduced by the company’s record $2.3bn order book, shareholders of ferry and yacht builder Austal were burnt recently by a 9 for 10 capital raising. The share price has fallen 86% since reaching a cyclical high of $3.50 in December 2010, so with the balance sheet in better condition this is a good time for a fresh look.

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