Research Note from BBY - 12/07/2012
Macmahon Holdings Ltd (MAH) has suffered a PE-de-rating of more than 50% since August 2011. The 12 month forward PE in August 2011 was 10.6x and today the 12 month forward PE has shrunk to 5.9x. The relative PE discount (using the All Ordinaries Index [XAO]) has blown out from 15% to 51%. In our view this discount is excessive. However, with the projected slowdown in development expenditure and the softening commodity prices we have tempered our views on target price and have reduced our 12 month target price from A$1.00/sh to A$0.80/sh. Our new target price is based on 8x FY13 earnings (previously 10x). Our STRONG BUY recommendation remains unchanged.
Research Note from BBY - 12/07/2012Macmahon Holdings Ltd (MAH)...
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Last
27.0¢ |
Change
-0.005(1.82%) |
Mkt cap ! $581.8M | |||
| Open | High | Low | Value | Volume |
| 28.0¢ | 28.0¢ | 27.0¢ | $515.7K | 1.888M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 72963 | 27.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 27.5¢ | 54000 | 1 |
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| Last trade - 16.10pm 11/07/2024 (20 minute delay) ? |
| MAH (ASX) Chart |