Industrials

LGI’s FY25 results were solid, with strong margins offsetting a slight revenue miss and a positive outlook for FY26 earnings growth.

We have initiated coverage on Codan (CDA) with a price target of $16.90 and a Hold recommendation.

Austal has received a US$450m/ A$670m contract from General Dynamics Electric Boat (GDEB) to expand its shipyard in Mobile, Alabama.

DRO recorded revenue from customers of $23.3m (+106% vs pcp) during the 1H24, -3% below BP estimates. We increase our PT to $1.35 and retain our buy recommendation.

LNW reported Q2 2024 results ahead of our estimates and VA consensus, and we retain our Buy rating.

Following recent industry data releases we have reviewed our FY24/25 forecasts for REA Group and upgrade to a Buy recommendation.