MND made good margins for part of the decade ending 2017 from construction in a period of boom, and then it entered the lower-margin maintenance business that had the advantage of being less cyclical. You wrote an excellent post on this on 21/08/18 (35077565). The SP was $15.30 when you posted.
If the cycle were to continually repeat itself every ten to twelve years, MND's management could devise a business model that optimised the cycle. However, to expect the oil-&-gas sector to continue to repeat its boom-and-bust pattern over multiple cycles is unrealistic – oil-&-gas could decline as a sector as a result of Government policy promoting renewable alternatives.
I am unaware of any replacement for the oil-&-gas construction business that MND has considered. I moot with low conviction, Small Modular Rectors (SMRs) paired with renewable energy facilities in hybrid energy systems in remote areas (a conceptual example, not an issue begging for comment).
The new reality may be that MND is now worth about $11.50 (give or take 5%).
MND Price at posting:
$11.42 Sentiment: Hold Disclosure: Held
(20min delay)