herd on the terrace, page-33

@Ivanovich
I agree with you but only somewhat.
FCF yield (EV not mcap) is between 30-40% now
There is earnings visibility for at least 12 months giving a cash return on an investment today of a minimum of 60-70%. This company has no record of swindling away shareholder capital and unless that occurs that leaves a maximum risk of 30-40% assuming not one single contract is won or extended over the next 18 months. This is in the midst of one of the largest resources downturns in many years.

There is no such thing as a risk free investment but to me this seems compelling risk/reward. Unfortunately I have maximum portfolio exposure with MND and TPP to this sector so won't top up.

Anyone have any issues with my numbers/analysis?