nice movement today, page-6

gd,

I haven't done any detailed analysis, nor thorough review of this for a longtime. My holding is very much bottom drawer, one of the few non-energy stocks I hold.

My perspective has been:
1)It's a world class manufacturer, based on proprietary design, in fact a world leader.
2)Huge growth opps both on the ferry side and military (which shouldn't be seen as the US LTS potential only). I'd have thought eventually they"ll also find there way into the freight side, probably competing with airfreight. Scope for setting up a European operation,(Rothwell has already suggested). Potential to take over Incat??Access to cheaper Tasy skillbase.
3)Huge barriers to entry. You have to spend years building the experience, expertise and credibility to be able to offer 100m ferries and military vessels.
4)Market had probably discounted on account of negative perception from the losses several years ago, plus a perception that WA labour costs would crucify them (but I understand this has only held back growth).
5)Historical profits are based on WA operation alone, or worse subsidising an equally large US operation being established. Now the US is profitable (I think) potential to at least double the E in the PE seems reasonable.

A rare case of a manufacturing coy I am very comfortable holding (I also hold FPA). You can't value a company like this on it's order book. You have to look at the story, the track record, market potential, and position in the market IMHO.

Entropylord