Competition trading on superior pe's largely due to lost confidence in old DOW ex-MD. PEs like United 28, Transfield svcs 23.5, Worley Group 41.5, Leightons 32, Macmahon Hldgs 20.6, Hastie grp 22 and poor old DOW beaten down to a pe of 19. UBS review imho will acknowledge the value of the parts currently exceeds the value of the group and either a trade sale of a division is likely or the lazy L gets serious with the holy dollar and makes a move. Lots of complimentary possibilities between the 2 of them and hard to see with DOW's substantial fwd order book, new mgt and UBS focus how this will escape the mkt for much longer. From memory the UBS report will come out pre-xmas so it just may present a nice present for some! Any other views on DOW out there?
DOW Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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