the "cost" of the capital raising, page-5

Definitely going to be in the red this year. Based on management's (optimistic?) forecast NPAT for FY13 you could reasonably say that MCE is currently overpriced.

Can they pull a rabbit out of the hat and finally secure significant orders and profits for FY14? Maybe. But based on the track record of management to date you would have to say that this is now a high risk company and any decent returns are at least two years away.

So my bet is that it will go quite a bit lower before it recovers (if at all). The falling oil price isn't helping either.