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Jarden and Ord Minnett’s bankers have pitched construction contractor Symal hard to listed equities investors. Now, it’s the analysts’ turn to spruik the $500 million float.

On Wednesday, Symal’s bankers released a 50-page research document prepared by Jarden’s sell-side analysts Jakob Cakarnis and James Wilson, laying out the 23-year-old company’s past, present and future.

The analysts placed a $445 million to $518 million enterprise valuation on Symal – or 10.7 times to 12.4 times forecast after-tax profit. The number climbs higher on a sum-of-the-parts valuation to between $480 million and $548 million.

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