From Under Radar, page-27

Agreed Finch

I too got caught up with predicting the sp based off historical forecasts. The entire mining sector and anything related is being re-rated. This is happenning because future earnings will be softer and the pot cannot be shared profitably accross all the companies anymore.

There is no annuity-style income for TTN at the moment and the majority of future income is determined by the probability of a successful outcome of a tender process. This in a market dominated by tightening margins.
Management needs to be fleet footed to cut costs and adjust to a new environment. They are saying the right things but are you happy to invest money in a below average probability of success?
I'm always up for a gamble but the odds are definitely better elsewhere IMO.