Hi Jack, Only really looked at the financials & don't want to...

Hi Jack,

Only really looked at the financials & don't want to spend too much time on in-depth research as I don't intend to invest
The 2015 result was good, & noted improvement in company since Charlie Bon(tempo)
took the reins in 2011
As I said earlier, the mining services companies are cyclical in nature,
Good example Monadelphous, who is the highest quality mining services company in Australia, is even under margin pressure, & whose shareprice has dropped from $28.48 in 2013, to a low of $5.32 in December 2015, & back up to $7.86 today
The way I look at it in regards to mining stocks, & mining services stocks, you can trade them, but you cant really hold them as long-term investments
Tempo may outperform until all the LNG Projects are completed, & then a cyclical downturn could occur, time will tell.
Below is an article on the LNG Projects by Roger Montgomery's CEO David Buckland

The Australian Based Gas Exporters
David Buckland November 21, 2013



There are seven Australian based LNG projects coming on stream over the next five years, which have a combined capacity of 83.2 billion cubic metres (bcm) and account for around 60 per cent of the 138 bcm under construction worldwide. These are:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Project	Million Metric Tonnes	Billion Cubic Metres	Number of Trains	Major Owners	Expected to Commence
1	Queensland Curtis CSG to LNG	8.5	11.6	2	BG, CNOOC, Tokyo Gas	2014/2015
2	Gorgon LNG	15.6	20.4	3	Chevron, Shell, Exxon Mobil	2015/2016
3	Gladstone CSG to LNG	7.8	10.6	2	Santos, Petronas, Total, Kogas	2015/2016
4	Australia Pacific CSG to LNG	9.0	12.2	2	Conoco Phillips, Origin, Sinopec	2015/2016
5	Wheatstone	8.9	12.1	2	Chevron, Apache, KUFPEC, Shell	2016/2017
6	Prelude Floating	3.6	4.9	1	Shell, Inpex, Kogas, PCP	2017
7	Ichthys	8.4	11.4	2	Inpex, Total	2017/2018
8	TOTAL	61.8	83.2

The current crop of LNG projects under construction represents a combined $188b in investment, and aggregate revenue from LNG is expected to increase five fold over the next five years to at least $60 billion per annum.
As illustrated below, The Bureau of Resources and Energy Economics believes Australia’s LNG production could jump from 20 mtpa currently to 100-110 mtpa by 2020. Asian buyers realise Australia and Qatar could each represent 20 per cent of LNG exports by the end of this decade and are encouraging greater supply from the US, Canada and Russia.

Australian LNG projects are now costing close to US$1,500/tonne of capacity, compared to US$200/tonne in the year 2000 and US$600-$900/tonne in the US. The total cost estimate for Gorgon has increased from US$37b in September 2009 to US$65.6b now. Unless the industry cost structure changes and productivity improves, there are unlikely to be any new offshore “green field” LNG projects, except for Floating LNG facilities.
For example, the Arrow joint venture between Shell and PetroChina, which was proposing an 18mtpa facility costing $24 billion at Queensland’s Curtis Island, is now unlikely to proceed – and instead the partners will probably look to share the processing facility at Australia Pacific (see above table) in return for surety of gas supply and possible equity.