There's certainly going to be some pain I think.
Based on the 1H forecast and the fact that conditions look set to soften further for capital expenditure - especially out of the mining sector - I would think a P/E of no more than 11 on 1H NPAT guidance could result, or a MC of c. $90 - 110m (c. 55c per share). A long way to fall still.
Commentary on NZ's strong economy may be a little backward looking too given the rollover in log and dairy export prices to China this year. A colleague who sells second hand rigs has said that he's had a cracker 18 months or so but once capital expenditure as been done you don't need replacements for some time.
Cheers
John
2015 Forecast, page-3
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