2359 GMT - Austal's Australasian business should have an attractive valuation if it completes the sale of its U.S. operations to South Korean conglomerate Hanwha, which has bid up to $1.2 billion including debt. That's according to Macquarie, which estimates an enterprise value-to-EBIT multiple of 4.9-8.4x for the military shipbuilder's Australasian business. It says this multiple looks favorable compared with a global peer group average of 15x. "Our calculations are based off Austal's forecast A$62 million FY26 EBIT, noting the segment should grow strongly over the medium-term as construction of the Medium and Heavy Landing Craft programs ramp-up from the end of 1H27," Macquarie says. It has an outperform call on Austal.