re: Ann: Acquisition of African Engineering B... Mavern_star
The difference this time is that the Pilbara is not in full ramp up mode as it was after the GFC. Chinese IO demand looks harder to predict and already expanded production has removed a baseload of work from Perth.
However I feel that the steps they have taken to geographically diversify such as moving into Toronto and expanding in Africa will help when globally resources pick up (which they will).
We have a strong balance sheet and directors hold 51% of the shares which eliminates any opportunists.
In hindsight I now realise their service is more commoditised and heavily cyclical, still they are a well managed EPCM provider and there was no silly behaviour during the boom times so we are positioned well when the market improves.
Most businesses are cyclical, its hard to say how long this low will last but my guess is 2-3 years at least. I will add on any dip lower from here to round off my holding.
re: Ann: Acquisition of African Engineering B... Mavern_starThe...
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