Ferrovial's Bid for Broadspectrum: Update

Broadspectrum:  Mattress Mischief Managed

Ferrovial & Broadspectrum: Rearranging Mattresses

Ferrovial Peeks Head Out From Behind Mattress Yet Again

Ferrovial Peaks Head Out from Behind Mattress. Shoots. Ducks Again.

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

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Morningstar, Inc.

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Event-Driven

<ul><li>We are downgrading our fair value estimate for Broadspectrum by 20% to AUD 1.10 per share, given a one third chance of non-renewal of the Nauru and Manus facilities contract with the Department of Immigration and Border Protection.</li><li>Broadspectrum's business model is attractive, but its ability to execute contracts has been lacklustre in the past.</li></ul>

We are downgrading our fair value estimate for Broadspectrum by 20% to AUD 1.10 per share, given a one third chance of non-renewal of the Nauru and Manus facilities contract with the Department of Immigration and Border Protection.Broadspectrum's business model is attractive, but its ability to execute contracts has been lacklustre in the past.

Better-Than-Expected First Half From Broadspectrum, But Contract Risk Drives FVE Downgrade

Broadspectrum Ltd

Better-Than-Expected First Half From Broadspectrum, But Contract Risk Drives FVE Downgrade