Better interims and P/e falls5 Nov 2008 09:26
Septembert 16 announcement showed half Year sales more than doubled to $59.6m coupled with a gross margin soaring from 21.2% to 31.8% and pre-tax profit lept from $4m last year to $13.8m this year. Strong growth forecast for year and beyond.
FinnCap estimated 16Sept P/e 5.6 and 13Oct P/e 4.2 and on that basis following sp underperformance estimate P/e an ultra attractive P/e today of just 2.9 imo !.
Strong underlying demand for Hallin's subsea services, high utilisation and organically funded expansion of
operating asset basis. Shares significantly undervalued and FinnCap target price 240p. Well over double
today's sp.
Compelling value in comparison to Hallin's peer group, sp fall totally overdone and unwarranted by Hallin's
robust order book, current trading conditions and growth outlook !
One to tuck away at extraordinary low sp and P/e imo