The leverage thesis is taking longer to play out, that's for sure. But the activity is still there and the work should still come eventually. Unfortunately, this is a stock that requires some patience but the micro end of the market does not have that in spades. Near term there is no real catalyst to move the price higher except for contract wins. The commentary seems to be very much to expect that to fall into FY26. It's still a hold for me because the price is very cheap with a tonne of upside if the operating leverage story every plays out as I think it will. There's enough work in hand and cash on the balance sheet for them to tread water until/if those orders come through.
Overall, disappointing its taking longer, but thesis remains in tact.
MCE Price at posting:
20.5¢ Sentiment: None Disclosure: Held
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