The following is a summary of a Morningstar item. It has coloured my view about investing in MGL. Am I being too cautious? In terms of depth Buyers outweigh Sellers at the moment. Something doesn't quite gel here.
Valuation: Last updated:14/05/03 Have the Wheels Fallen off ANM's Stanwell Project?Investment ratingAll in all, a casual observer might be forgiven for thinking the wheels had fallen off the Stanwell project. The next few weeks may be critical for the company. We believe the risks in the stock are very high and retain the AVOID recommendation.EventConstruction at ANM's Stanwell magnesium smelter project has been wound-back while the company seeks new contractual arrangements with its construction partner.Having failed to finalise the fixed-price construction contract with Leighton Contractors, ANM is now attempting to negotiate a contract with Leighton and another construction company, Fluor. The result of this effort should be known in around four weeks.Following the news of Leighton's unwillingness to assume the construction price-risk came an announcement that the overall capital cost of the project was likely to rise by $150-200m.ImpactThe lack of a construction contract and the possibility of a rise in capital cost is disconcerting given the amount of project design work completed to date.It also raises concerns about ANM's funding mix and the possibility that the Stanwell debt package may need to be re-negotiated with the banking group.Recommendation impact (last updated: 14/05/2003)We have downgraded our recommendation from HOLD to AVOID.
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Last
30.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $23.89M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 111 | 30.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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34.0¢ | 22785 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 111 | 0.300 |
1 | 17946 | 0.290 |
3 | 70504 | 0.280 |
1 | 2124 | 0.275 |
2 | 72205 | 0.270 |
Price($) | Vol. | No. |
---|---|---|
0.340 | 22785 | 1 |
0.345 | 15350 | 1 |
0.350 | 1650 | 1 |
0.410 | 2220 | 1 |
0.480 | 3140 | 1 |
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