DJ MARKET TALK: Goldman Sachs JBWere Keeps Buy On Boart
0041 GMT [Dow Jones] Goldman Sachs JBWere keeps Buy, A$1.26 target, on Boart Longyear
(BLY.AU). "BLY share price suggests the company is close to breaching the covenants
on its debt or, even worse, is unable to service its debt but our analysis shows neither
is the case and, in fact, the company is far from either dire situation," GSJBW says
in a client note. "We acknowledge the significant headwinds that BLY faces as demand
for its products and services softens and earnings are expected to fall in 2009 and
potentially 2010 also; but on a 2008 PE ratio of close to 1x and with the major refinance
still 12 months away we believe this is more than factored into the share price."
Last trade down 1 Australian cent or 5% to 19 cents. (ABH)
Contact us in Sydney. 61 2 8235 2950;
[email protected]
(END) Dow Jones Newswires
November 19, 2008 19:41 ET (00:41 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.
Thursday 20 November 2008 11:41:00.000 AEST
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