SKE half yearly, page-28

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11/02/15

10:06

Post #: 14733737
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Originally posted by MikeMennell ↑

"So what to expect in 1hFY15 announcement? I reckon:
A) String focus on continuation of cutting costs by SKE and on track to achieve target of 15m during FY15. Makes big diff to bottom line.
B) Weak earnings from 'workforce services' division with little hope of upside.
C) Average result from Thomas & Coffey but with a query over future rev and margins. Layoffs are likely in 2hFY.
D) Saipem contract will be a success.... but after that?
E) my guesstimate is eps for 1H of 10cents which is below pcp and well BELOW that implied at AGM. I don't expect much diff between underlying and reported figure"

HY today sez:
A) 15m saving confirmed although better than i had anticipated.
B) Confirmed
C) Confirmed but again stronger than iforecast.
D) Confirmed
E) reported EPS 9c, underlying 11c. I estimated 10c.

So pretty much in line with my expectations and ann a interim div of 7.5c ffr slightly above est of 7c.

Summary. 1H matched and slightly exceeded my expectations. I reckon mkt will be pleased and leap of 10c in SP will be a minimum is my estimation. Close at 1.60 would not surprise. Lets wait and see. Could be even higher. Overall causiously positive with the big saving of 15m in costs being very welcome. Debt has increased more than i anticipated but interest payments well covered by cashflow. strong hold.

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The share price is off about 50% vis-a-vis 12 mths ago, yet their results are pretty much on par with the pcp. Surely the outlook for SKE cannot be so bad as to justify the sp reduction?

SKE Price at posting: $1.46 Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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SKE half yearly, page-28

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