Ann: FY2018 Full year results and presentation, page-23

From FN Arena:

ERM POWER LIMITED ((EPW)) Upgrade to Add from Hold by Morgans .B/H/S: 2/1/0
Morgans is pleased the sale process is underway for the US business. The broker assumes this will mean the distribution doubles from the minimum $0.07 per share. The US business produced an underlying loss of -$19.3m in FY18.
The broker suggests cash that was being used to support the US operations can now be paid to shareholders. Operating earnings in FY18 increased 25% on a continuing business basis and beat forecasts. Morgans upgrades to Add from Hold. Target is raised $1.95 from $1.64.