Industrials

ELS won a record US$21.2m Halo contract, strengthening growth visibility and supporting a reiterated Buy recommendation and $3.60 target price.

EOS is well-positioned to benefit from rising demand for counter-drone technology, as Europe moves ahead with its “drone wall” defence initiative.

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.