Where to start.Market cap about $550mil, and a conservative NTA...

Where to start.

Market cap about $550mil, and a conservative NTA per share of $1.19.

P/e ratio below 4. Below are my rough calcs based on the announcements to date.

1H12 2H12 Total
Rev 1099 900 1999

EBITDA 208 102 310

NPAT 98 48 146

EPS 0.215 0.106 0.321

At current prices BLY trades at a forward pe of 9 based on 1H earnings alone

1H12
Rev 900

EBITDA 130

NPAT 61

EPS 0.135

Mining globally is not going to disappear and BLY generates revenue in areas other than Aus, 53% from the Americas.

There is too much bad news priced in.

Head to www.majordrilling.com on 27 Nov for their 2nd Q results to get a sense of how other global comapnies are going.