I thought there was value here too when I looked at it some time ago but went through the last 8 years of annual reports and investing in MCE is still speculation.
Over the past 8 years - which includes peak oil of $100/barrel for a number of years - they only made a profit twice in 2014 & 2015 of circa $3m. All other years, there were losses of a much greater magnitude per year.
They aren't even worth anything as an asset play. The majority of their assets are specialised plant & equipment nobody would buy and the Henderson leasehold improvements which are also worth close to zilch.
It has yet to be established if MCE can make sustainable profits but considering they could only eek out $3m of profits at peak oil times then.....
MCE Price at posting:
57.0¢ Sentiment: None Disclosure: Not Held
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