Ann: Revised 2019 earnings guidance, page-25

Of course, I could stand accused of finessing things (my $2.80 entry price being within coo-ee of today's $3.30), which might be true, but its just that I can't see any incremental buying emerging for ABC in any meaningful way for the foreseeable future.

Why, I expect that even the deep value investors will be unlikely to step up out of uncertainty around the earnings outlook, based on the shocking nature of yesterday's trading update.

But whenever there is blood on the floor, my instincts start to twitch.

Because there is also the following not-insignificant picture to consider:



And I suspect that lot of the activities highlighted in that chart would be more cement-intensive than the kinds of residential construction projects which have driven demand fr ABC's products over the past several years.

For the first time in, maybe half a decade, ABC is I think at fair value, or even maybe slightly below fair value.

I see it now being the closest it can be to being a BUY, without actually being a BUY.

.