STU profits down 50% as well though …tough industry these days
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VSL trading 17x last 12 months earnings
About right at bottom cycle when PEs expand
Yes...profit down but....no debts....Vulcan has a lot of debts!!!
Tough results... Cant see it imprving for quite a while. Building permits in NZ cratering.
I think this has quite a bit to drop before there is value.
having bit of a run at the moment , outlook must be good eh
Wonder how the bad & doubtfull debts provisioning is going ?
If the number of building companies falling over & Com Property outfits writing back on creative revaluations is any indication - things wont likely be merry or exciting for a while in construction ;)
On the back of a recessionary economy - only the most vibrant of companies out there is not going to be reviewing their forwards Capex very closely I would imagine..