I think you'd have to be mad to be buying now.
Reported EBIT downgraded again, from profit of $6-8M (18 Feb) to loss of $20-30M (today). Such a significant additional writedown in a bit over a month, including the comment that some of the uncollected working capital relates to "claims and variations under several contracts for prior periods" makes it hard to have faith in any of the numbers published by Norfolk.
If RCR walk away, Norfolk will be in a dire situation. I would need to be 100% sure RCR will proceed and 100% sure there will be a substantial collection from the uncollected working capital to have any thought of buying, and I am personally unconvinced either of the above is likely.
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Last
$21.41 |
Change
-0.260(1.20%) |
Mkt cap ! $65.92B | |||
| Open | High | Low | Value | Volume |
| $21.52 | $21.67 | $21.30 | $150.5M | 7.000M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 93 | $21.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.41 | 12657 | 3 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| FMG (ASX) Chart |