Ann: Results of 2013 Annual General Meeting , page-5

Its always hard to hit the BUY button but I have and bought back-in.
imo SDM is only 1 of a couple of stand-out buys in this sector.
1. Cash in bank of $78m - zero debt.
2. They have already done most of their expensive downsizing/redundancy costs.
3. Aligned with Thiess/Leighton so if these guys win Coal projects SDM is back-ended into the project.
4. Major shareholder keeps increasing stake.
5. First Class Management - these guys don't make expensive mistakes.
6. forecasting NPAT same as 2013 and I think these guys know how a cash/flow/project pipeline works
7. Starting to slowly see some small rewards for pursuing projects into the metal sector.

These guys are alive because they pulled out of the purchase of the African EPC mob - if they had gone ahead they would now be sunk.