NWH – Credit Suisse rates the stock as Neutral

The interim earnings were 9% below the broker’s forecast. Credit Suisse observes the margins were affected by the late ramp up of key projects and low levels of Drill & Blast rig utilisation. The broker maintains a Neutral rating, believing the stock is potentially interesting if it can address the FY16 earnings hole, where Credit Suisse expects a 33% decline.

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Mining Hits The Growth Cliff

On Wednesday the Australian Bureau of Resources and Energy Economics said 51 mineral projects, 18 gas and petroleum projects and 18 infrastructure projects worth $268 billion had been approved. Of the 87 projects, 11 mega projects worth more than $5 billion each, account for an aggregate $200 billion or 75 per cent of the total committed project value.

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