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  1. #11
    ? steve fleming's Avatar
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    Infrastructure development

    Another rare direct beneficiary from the federal budget is NRW Holdings (NWH). Swan is tipping another $3 billion into infrastructure development around the country, which will be used to build new roads and rail networks.This takes total government spending to $24 billion over the forward estimates, and NRW is probably the most exposed small cap engineering contractor to this given that its civil division contributed around 60% to total revenue in the first half of 2012-13, with the balance coming from mining-related work.While it is hard to quantify the benefit for NRW at this stage, the group is in seen to be in a good position to at least secure some of the new infrastructure work given its good reputation in executing projects. This might be particularly so in its home state of Western Australia, which has been promised more than $400 million for infrastructure by the federal government.Any improvement in the outlook for infrastructure development is good news for NRW, as the industry faces a marked slowdown in mining projects due to volatile commodity prices and high domestic costs.While the budget won’t spark a positive re-rating for the stock or assuage investor fear that it is next in line to issue a shock profit warning, a lot of the bad news is currently priced into the stock after it collapsed 64% over the past year to $1.26 a share.Consensus estimates is forecasting a 29% plunge in adjusted net profit to $69.7 million from 2011-12 to 2014-15, but the current share price seems to indicate that the market is expecting its bottom line to crash by around 60% over the time period.

    Read more at Eureka Report: http://www.eurekareport.com.au/artic...#ixzz2TQ4ApVfn
    Share prices follow earnings....buy EPS growth!!



  2. #12
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    TTI should benefit from extra road spending without the mining sector drag. The downside is it's high debt load and illiquidity. But the interest cost is falling due to lower interest rates and debt refinancing. Potentially very cheap. Pie Funds have a few and so do I.

  3. #13
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    Cant help looking at value traps ?like this. S/P less than NTA. 14% div PE sub 4. Civil division re 60% of rev a beneficiary of swans govt spending(thanks stevef). Now re $1.07. No downgrade out, most M/S companies have done this by now.

    S/P now 73c!! Mkt cap $205 mill Ive lifted this from another forum

    !As a matter of interest the current Thomson Consensus Estimates (four brokers) are:

    ........... 2015 .. 2016 … 2017 .. Average
    EPS … 13.8 ... 12.7 … 15.6 … 14.0
    DPS ,… 9.0 …. 8.0 .…. 7.1 ….. 8.0
    Last edited by Joshuatree; 21-10-2014 at 01:04 PM.

  4. #14
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    98.5c today atp.got as low as 93c on a small downgrad(no surprise) re 8-10%.No entry for me atp, still watching this and other M/S companies eg ANG,LCM BYL. anyone else?

  5. #15
    Member FarmerGeorge's Avatar
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    Quote Originally Posted by Joshuatree View Post
    98.5c today atp.got as low as 93c on a small downgrad(no surprise) re 8-10%.No entry for me atp, still watching this and other M/S companies eg ANG,LCM BYL. anyone else?
    jt I appear to be lurking around the same co's as you. I'd add FGE and HDX to the mix.
    Felix, qui potest rerum cognoscere causas

  6. #16
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    S/P now 73c!! Mkt cap $205 mill Ive lifted this from another forum

    !As a matter of interest the current Thomson Consensus Estimates (four brokers) are:

    ........... 2015 .. 2016 … 2017 .. Average
    EPS … 13.8 ... 12.7 … 15.6 … 14.0
    DPS ,… 9.0 …. 8.0 .…. 7.1 ….. 8.0

  7. #17
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    48.8c !! today on presentation and Operations update, not so good; but oversold?

  8. #18
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    Got as low as 43.5c closed 47.5c. Have stuck with my decision (just)not buy any more in the M/S sector whether a PE of sub 3 or D/Y of say 10% half of last. year. An article i can't cite at the m suggesting 2 more years of pain .

  9. #19
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    Glad i did stick with it; 22.5c atm

  10. #20
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