Investors took the long handle to a couple of stocks yesterday - vitamins group Blackmore’s was one; heavy equipment hirer, Emeco Holdings was another despite producing a $12 million profit for the six months to December.
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Emeco Holdings shares rose nicely yesterday after the company’s notice of annual meeting revealed a plan for a one for 10 consolidation of shares to improve their marketability.
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A bit of a thumbs down from investors for Emeco Holdings, the heavy equipment rental group, despite the update showing a rise in earnings.
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Shares in mining equipment supplier Emeco Holdings were dumped yesterday afternoon after it rejected suggestions it might be sitting on an unknown bid.
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Mining services group Emeco Holdings (EHL) has continued the trend for companies in its sector to report another round of weak results for the year or half year to June 30.
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The company has announced it will acquire Matilda Equipment for $80m. Matilda is a niche rental supplier of ancillary mining equipment, comprising mostly new model dozers and civil/services vehicles.
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Morgans observes the completion of contract mining operations (lower margin) was the driver for increased profitability in the second quarter. Operating earnings were up 15%, at a margin of 43% versus a margin of 35% in the first quarter.
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Emeco posted a complicated result due to the merger with its two largest competitors, and recapitalsation, but the fourth quarter signalled the merged entity’s potential, the broker suggests. No formal guidance was offered other than a strong outlook.
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It’s probably best interpreted as yet another sign of the times but the Mt Muro mine in Indonesia has been placed on care and maintenance and this means Emeco’s operations in the country take a big hit. Making matters worse, Macquarie notes the Australian operations are going through their own tough times.
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Target $1.36 (was $1.22). Interim earnings were solid in the broker’s view and prompt modest increases to forecasts in coming periods. The changes mean an increase in price target.
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