As a matter of interest, rather than significance, BYL has picked up a small contract in November – namely, West Angelas Access Road Stage 3 (BKJV), Client: Rio Tinto. The interest is because there has been a dearth of new contracts, whereas BYL has historically averaged about two a month, valued at circa $75M a year. The previous contract listed on BYL's website is the Airport Drive contract announced in July. With a forecast revenue for FY2015 of $300M, and having $250M of that contracted on 1 July, BYL is under little pressure to land many new contracts for FY2015 completion to achieve the $300M forecast. The Airport Drive contract was worth $17M, so even if the West Angelas Access Road Stage 3 is small, BYL only needs about $30M more to hit its target revenue for FY2015.
In each annual presentation, BYL lists the sub-$15M contracts completed for the financial year. It was $87.2M for FY2014, and $72.9M for FY2013. I suspect it would be smaller for FY2015, because BYL probably does not want as much due to less idle capacity to handle too much more than it has in its order book.
Why BYL blotted its copy book with what I consider a fused-witted share dilution venture escapes me, but I have vented my spleen on that matter, and I lowered my valuation of the company via a fused-wittery-cum-dilution factor. In crude terms, I reduced my valuation per share from about 70c to 60c to reflect my downgrading of management, and then I adjusted for 15% more shares to get 60c/1.15 = 52c. The current SP is a bit low, IMO. For now I think that BYL will hold its DPS per year at 3c, despite the share dilution, so the dividend yield at the current SP 40c is good.
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