Patersons have them as a spec buy with a target price of 24cps based on the low end of the guidance range given at the AGM, with a current year PE of 11.4 and a dividend yield of 5.6%. Nothing is likely to happen to the share price until we get the half year update in my view. Even then given the slippage in new orders the full year outcome depends on a much better second half. The market will want proof of performance given that mining service companies are on the nose, so we could have a 7 month wait for much action unless they announce new contracts.
