DB has issues the following this morning, summary-
"BLY - Phil Pepe's recent meetings with SWK, ASL and IMD re-confirm in his mind the positive outlook for BLY. He retains the view that their guidance for CY10 (of 15% rev growth) remains conservative. Based on comp statements, we think 2010 Revenue growth could be closer to 25%. Furthermore the outlook for 2011 looks even better based on industry indicators. Junior miners have raised cash (yet haven't deployed it yet) whilst majors and intermediates are all spending. Statements from comps that uneconomic resources becoming economic again, Aust rigs heading back to full capacity and the rest of the world ramping up. Industry views suggest that rig counts in 2011 could excced that of 2008. IMD saying based on Jan and Feb activity they are back to within 10% of the peak (in 08). Margin outlooks also improving. BLY looks cheap at < 10x FY11 vs local peers on 13x and global peers on 14-17x."
BLY Price at posting:
$3.00 Sentiment: LT Buy Disclosure: Held
