# PRN - Perenti Limited



## imajica (12 October 2009)

Hey all! just thought I'd start a thread for Ausdrill. I still can't believe there isn't one already!
Ausdrill Limited (ASL) is an international drilling, contract mining, supply and logistics, and telecommunications services group with operations currently in Australia, Africa and the United Kingdom


Market cap - 323 million

P/E ratio - 8.76 (sector average - 13.83)

dividend 11 c fully franked for the year (note: they go ex-dividend on the 19th October - 6c fully franked)

during the GFC they maintained solid earnings and their dividend. With miners kicking into full gear again, larger mining services companies are positioned nicely to benefit from the upswing. 

what are people's thoughts on ASL?


----------



## Ozymandias (12 October 2009)

*Re: ASL - Ausdrill*

I bought into ASL in mid-june on the basis of their excellent P/E, the discount on the NTA per share and the decent dividend yield at the time. Since then they've done very well, and their profits went up, rather than the slight decline I was expecting. I might be a bit bias, but I think they're still good value.

Their annual results presentation slide 6 spells out their current undervaluation, and I think it's good that they're trying to push a positive revaluation by pointing this out. As always, DYOR, but I will be holding onto my shares for now - I'm hoping for further rises, and I'd like to get past the one year mark to minimize tax.

On the devil's advocate side: 

1. They aren't as highly diversified as they might appear: while they are in alot of fields, most of the money comes from contract mining services, and there are only two major locations: Aus and Africa.

2. They had a sizable negative cash flow of $46M this year, due to investing activities. Given their low level of debt I'm ok with that, it's a good time to be buying, but more conservative investors might prefer a positive cash flow.


----------



## Ozymandias (24 March 2010)

*Re: ASL - Ausdrill*

Interesting development with this fundraising about to come out. I'm curious to hear people's opinions on what the money might be for. I'm betting modest debt reduction and organic expansion.


----------



## Ozymandias (29 March 2010)

*Re: ASL - Ausdrill*

Pretty brutal day today, down 6.6%

I don't mind the capital raising since it is being used to fund expansion in a very direct manner. I'll be participating fully, for as much as that is worth with a 1 for 10 offer. The timing is much better than most companies, coming immediately after a good half year and contract announcements, when the share price is relatively strong. Compare that to other companies who raised capital at the height of the crisis, when their share prices were scraping the bottom. Investors caught without cash, or unwilling to dig in further, were really punished by 1 to 1 or 1 to 2 offers...

Also heartening to see that "Ausdrill is confident of securing additional work in the short term". So expect more contract announcements.

Does anyone else have any thoughts?


----------



## roofa (30 March 2010)

*Re: ASL - Ausdrill*

Ozymandias

Considering the 11 or 12 cent increase before the T/H yesterdays drop was not that bad.
I will also take up full entitlement and totally agree the timing of this CR and the $ amounts are fairly impressive.
I thought debt reduction was the reason but even happier some funds are for expansion.


----------



## Ozymandias (23 April 2010)

*Re: ASL - Ausdrill*

Closed at 2.03 today, dangerously close to the 2.00 that the capital raising is taking place at. This could be trouble if it becomes cheaper to buy on the market than from the share offering...


----------



## rivkinslovechild (26 September 2010)

*Re: ASL - Ausdrill*

no one has anything to say? this stock is great for yield and capital? I am happy with what i see. anyone hold?


----------



## mr. jeff (26 September 2010)

*Re: ASL - Ausdrill*



rivkinslovechild said:


> no one has anything to say? this stock is great for yield and capital? I am happy with what i see. anyone hold?




I held but got out of them earlier this year after a small capital gain and very little movement in their share price. 
I haven't looked any further into them, but for some reason they are not attractive to any of the big boys despite being reviewed regularly in the fin review and smart investor magazines etc....
I can't suggest why this is but there must be some fundamentals that aren't supportive. May be worth another look if the market is firming - on the surface they look very attractive and are still a growth stock.

?


----------



## express (25 February 2011)

*Re: ASL - Ausdrill*



mr. jeff said:


> I held but got out of them earlier this year after a small capital gain and very little movement in their share price.
> I haven't looked any further into them, but for some reason they are not attractive to any of the big boys despite being reviewed regularly in the fin review and smart investor magazines etc....
> I can't suggest why this is but there must be some fundamentals that aren't supportive. May be worth another look if the market is firming - on the surface they look very attractive and are still a growth stock.
> 
> ?



 Closed at $3.54 today ... were at a 200 day high on 18/02/11


----------



## notting (21 July 2011)

*Re: ASL - Ausdrill*

ASL is supposed to deliver a glowing report soon, yet it's one of the worst performers today whilst market had the best day for ages. ASL is sitting on a support line at 3.30. Did a capital raising at 3.50. Could be a nice bouncer but I don't feel confident about it. Thoughts?


----------



## notting (26 July 2011)

*Re: ASL - Ausdrill*

Nice bounce today with great volume in part due to FMG contract. Interesting that it all seemed like a good prospect but I felt bad about it.  Hard to tell the difference between gut intuition and fear.  Wish I could master that. Did buy a little though on the 21st.


----------



## notting (13 December 2012)

*Re: ASL - Ausdrill*

Was amused to see this little gap being left on the up as it gapped over the same spot on the down.

Feels bullish, but I guess a retracement back to around 2.20 should be expected?


----------



## trillionaire#1 (19 December 2012)

*Re: ASL - Ausdrill*

i  hope your right Notting,i wanted to buy into ASL at the start of the month but hesitated,now its some
 20% clear of that price .
One of many beaten down mining service companies that have taken off this fortnight.


----------



## EddieRobinson (25 December 2012)

*Re: ASL - Ausdrill*



trillionaire#1 said:


> i  hope your right Notting,i wanted to buy into ASL at the start of the month but hesitated,now its some
> 20% clear of that price .
> One of many beaten down mining service companies that have taken off this fortnight.




Thought it was a nice touch to send shareholders a momento of their 25th Birthday. Hard stock to read and constantly swimming against the tide....


----------



## notting (6 April 2013)

*Re: ASL - Ausdrill*



trillionaire#1 said:


> i  hope your right Notting,i wanted to buy into ASL at the start of the month but hesitated




Not long now by the look of it!!


----------



## Tezzad (19 May 2013)

*Re: ASL - Ausdrill*

I held this stock some 2 years back and sold out at  3.30 have been buying back in over the last couple of weeks. Am I missing something? Its underlying fundamentals look pretty sound. Paying 14c dividend out of 37c EPS. Obviously thats going to come down a little with the earnings down grade but probably 10 to 20%. Most of it's work is done in existing mines rather than wrapped up in exploration. Debt under control, book value around 2.40. looks undervalued or over sold to me but am I missing anything major? Thoughts?


----------



## Country Lad (19 May 2013)

*Re: ASL - Ausdrill*



Tezzad said:


> Am I missing something?




Have you considered that it has been in downtrend for about 7 weeks, that it has announced a downgrade with comments such as: 

_However, the Group’s profits are expected to be impacted by the general slowdown in activity in the Australian mining sector that has occurred from September 2012 onwards, and which has not recovered as previously expected.

Weakness in prices of coal, iron ore and more recently gold – leading to a slowdown in other services provided by Ausdrill in Australia;

This has resulted in surplus mining equipment in the sector, with trading conditions in the equipment rental market remaining below expected levels. We expect these trading conditions to persist in the near term. Equipment hire revenue accounted for approximately 8% of Ausdrill’s revenue in the half year to December 2012;

Weakness in prices of coal, iron ore and more recently gold – leading to a slowdown in other services provided by Ausdrill in Australia

In addition, Ausdrill has been developing two new businesses in the mineral assaying and coal seam gas drilling sectors which have been impacted as described above. Ausdrill continues to expense all development costs associated with those businesses._​
These factors combined will drive the share price of any company down.  They are essentially saying their business is in downturn so you should expect people to continue to exit in favour of something else with a more positive potential.  The market sentiment to ASL continues to be negative.  

Cheers
Country Lad


----------



## tinhat (19 May 2013)

*Re: ASL - Ausdrill*

I've never looked into ASL. They seem very diversified in mining services from the company description. The weekly chart looks very bearish. Huge volumes over the last two weeks and last week's candle is a bearish engulfing.


----------



## rbgmauq (20 May 2013)

*Re: ASL - Ausdrill*

ASL has an ongoing P/E of 3.74, which indicates that it is highly undervalued.


----------



## Country Lad (20 May 2013)

*Re: ASL - Ausdrill*



rbgmauq said:


> ASL has an ongoing P/E of 3.74, which indicates that it is highly undervalued.




Actually it is 4.28 based on current share price and the company's updated forecast earnings.  The market appears to assume a further drop as the company has indicated will happen which probably makes the the P/E not only a moving feast but likely a lot higher based on next year's earnings.  The market looks a year or 2 ahead so it is assuming the company's warnings are even on the optimistic side.

Undervalued?  Not when you price in the risk of the likely further profit downgrades.

Cheers
Country Lad


----------



## bull (21 May 2013)

*Re: ASL - Ausdrill*

ASL has dropped significantly and for good reason.

Howerver;

1. What would be fair value given new circumstances?
2. Whats everyones opinion on where a bottom would be reached?
3. Whats the expected time line your considering a turnaround (however small would be?)
4. Is ASL in a position to buy out smaller competitors?


----------



## Country Lad (21 May 2013)

*Re: ASL - Ausdrill*



bull said:


> ASL has dropped significantly and for good reason.
> 
> Howerver;
> 
> ...





My answer to these questions is why bother asking them - there are no definitive answers.  The market has spoken, market sentiment is negative, outlook is negative so why waste time on this one with its risk when there are many other companies with positive market sentiment?

Cheers
Country Lad


----------



## keithj (22 May 2013)

*Re: ASL - Ausdrill*

I'd be looking at the 5 year charts of all the mining services cpys. They were (almost?) all a lot lower 5 yrs ago. I'd say that's an indication of where the bottom might be.

The last half of 2008 looks remarkably similar to today.... back then ASL went from 265c to 77c in 3 months, and then went lower.

I'd say revisit this sector in 3-6 months.


----------



## pixel (28 May 2013)

*Re: ASL - Ausdrill*



rbgmauq said:


> ASL has an ongoing P/E of 3.74, which indicates that it is highly undervalued.






Country Lad said:


> Actually it is 4.28 based on current share price and the company's updated forecast earnings.  The market appears to assume a further drop as the company has indicated will happen which probably makes the the P/E not only a moving feast but likely a lot higher based on next year's earnings.  The market looks a year or 2 ahead so it is assuming the company's warnings are even on the optimistic side.
> 
> Undervalued?  Not when you price in the risk of the likely further profit downgrades.






Country Lad said:


> My answer to these questions is why bother asking them - there are no definitive answers.  The market has spoken, market sentiment is negative, outlook is negative so why waste time on this one with its risk when there are many other companies with positive market sentiment?




All those concerns have merit - and that's why the Market continues to move.
If my chart interpretation is correct and the volume of recent days and weeks signals "A"ccumulation, this may be a reasonable time to buy in expectation of a trend reversal. And I've put my money on it, starting to buy a small parcel, which I can -

    average up to a bigger one, or
    stop out of at minimal cost.
Daily chart 




is supported by the 30-minute Intraday one




Today's entry is following the Intraday envelope: Buy above $1.13, stop below $1.15. Then wait for the falling trendline on the Daily to be broken, from which point on it'll be the Daily chart (and trailing stop/add envelope) that determines further action.


----------



## Country Lad (28 May 2013)

*Re: ASL - Ausdrill*



pixel said:


> ..............this may be a reasonable time to buy in expectation of a trend reversal.




The market sentiment has been very strong all morning, so you may have picked the right timing.  Whether longer than just today remains to be seen.

Cheers
Country Lad


----------



## notting (28 May 2013)

*Re: ASL - Ausdrill*

Yeah the mining services speculative haemorrhaging has certainly slowed over the last couple of days and reversed today.
The media are starting to talk more sensibly about the 'disappointing' China figures.
They are starting to say 'well it's still 7% and something growth.  Hardly an issue that will create less resource consumption!!'
There will be a savage reversal to the upside for resources at some point and I notieced on CNBC something about no signs of slowdown in demand for property in China despite the oddness of the ghost cities and so on.
China has plenty to peddle with!  
Eventually it will have a collapse but they can stem that off for a considerable time as they choose to.  Could be after another 3,4,5 years of 7% ish growth!  How dissapointing!


----------



## skc (28 May 2013)

*Re: ASL - Ausdrill*



Country Lad said:


> The market sentiment has been very strong all morning, so you may have picked the right timing.  Whether longer than just today remains to be seen.
> 
> Cheers
> Country Lad




ALQ's report was quite decent so the drillers are spared for the moment...


----------



## Melthar (3 September 2013)

*Re: ASL - Ausdrill*

No real news and a (as of now, ~13% jump today)  Results last week gave a small kick up, but can't see any particular reason for today's move.

Reversal tomorrow, or continue on?


----------



## SeekingYields (3 September 2013)

*Re: ASL - Ausdrill*

Quite amazing how the share price has just exploded since the profit announcement.


----------



## SeekingYields (4 September 2013)

*Re: ASL - Ausdrill*

The move on ASL is relentless - today closed at $1.865


----------



## hhse (5 September 2013)

*Re: ASL - Ausdrill*

*Good points:*
* Good operating margins compared to other mining services.
* Low P/E and Higher Dividend ratio compared to other mining services and market.
* 75-80% of their business is in production, not in exploration like other mining services.
* Finance at ASL appears competent at forecasts and tend to be on the conservative end in last few years (from earning surprise graph on comsec).
*Things to look out for:*
* Higher debt/equity ratio than market, and lower income coverage and debt denominated in USD.
* Large percentage of business revolves around production of gold.

Management appears competent in managing the business IMO. I bought in relatively low 2 months back on points above, but will be holding my position and not adding. I really also like FGE (and it appears a lot of fund managers do too), and believe FGE would have a lower risk profile but as per usual do your research.


----------



## Muschu (5 November 2013)

*Re: ASL - Ausdrill*

Any thoughts on the current trading halt?


----------



## pixel (5 November 2013)

*Re: ASL - Ausdrill*



Muschu said:


> Any thoughts on the current trading halt?




I'd rather be short ASL. The writing has been on the wall (chart) for quite some time.
... both on the Daily:




... and Weekly:


----------



## McLovin (7 November 2013)

*Re: ASL - Ausdrill*



pixel said:


> I'd rather be short ASL. The writing has been on the wall (chart) for quite some time.
> ... both on the Daily:
> 
> View attachment 55126
> ...




Down 28%. Ouch.


----------



## odds-on (7 November 2013)

*Re: ASL - Ausdrill*



McLovin said:


> Down 28%. Ouch.




Ouch! Jab – cross -  hook - uppercut combination. I sold today at a hefty loss (bought in May @ 1.55). The announcement was not good news for the medium term. Time to pick myself off the floor…and select an easier opponent


----------



## spliffy (7 November 2013)

*Re: ASL - Ausdrill*



odds-on said:


> Ouch! Jab – cross -  hook - uppercut combination. I sold today at a hefty loss (bought in May @ 1.55). The announcement was not good news for the medium term. Time to pick myself off the floor…and select an easier opponent




Ouch indeed!!! 

Not good news at all for medium term. By my calculations current price is about right for profit downgrade to $35 to $45M so got out for a loss (bought in @1.15) but not too bad overall. 

Shame as they were trading undervalued and had faith in management to at least come close to last years performance, obviously I was wrong.


----------



## McLovin (7 November 2013)

*Re: ASL - Ausdrill*



spliffy said:


> Ouch indeed!!!
> 
> Not good news at all for medium term. By my calculations current price is about right for profit downgrade to $35 to $45M so got out for a loss (bought in @1.15) but not too bad overall.
> 
> Shame as they were trading undervalued and had faith in management to at least come close to last years performance, obviously I was wrong.




Net debt ~$420m. EBITDA, by my guesstimate, may end up being as low as $80m, which would have to put the company in breach of its debt covenants. Even an optimistic EBITDA of $120m wouldn't make the 3:1 rule. And if they can't win those contracts they're tendering for then look out below.


----------



## notting (7 November 2013)

*Re: ASL - Ausdrill*

You'd think, if there was any real danger of breaching debt covenants, they would have done a capital raising there and then, or even better at the top of the recent bounce during mid September where they would have had a fair idea of what was coming.
You'd think.


----------



## pixel (14 November 2013)

*Re: ASL - Ausdrill*

My buy zone is in the low 80's


----------



## Beau (29 November 2013)

*Re: ASL - Ausdrill*



pixel said:


> My buy zone is in the low 80's
> 
> View attachment 55296




How's this one going pixel? Did you buy in? Its below your trigger point currently...


----------



## pixel (29 November 2013)

*Re: ASL - Ausdrill*



Beau said:


> How's this one going pixel? Did you buy in? Its below your trigger point currently...




As it fell through support, the conditions changed and all bets are off.
Why should I buy when the base assumption (e.g. support at 80c) has been overturned?
Not even the matching bottom hypothesis is holding anymore.





However, I reserve the right to change my mind if next week proves this to be a "false break".


----------



## pixel (4 December 2013)

*Re: ASL - Ausdrill*



pixel said:


> I reserve the right to change my mind if next week proves this to be a "false break".




... and that is precisely what has happened.




So I switched to the Intraday chart and decided it's worth buying after all.




Started yesterday to accumulate for a current cost base of just a tick below 78c.
(My Broker, PariTrade, facilitates Centrepoint bids and offers at no extra cost  )


----------



## Beau (4 December 2013)

*Re: ASL - Ausdrill*



pixel said:


> ... and that is precisely what has happened.
> 
> View attachment 55677
> 
> ...




Interesting....


----------



## burglar (2 January 2014)

*Re: ASL - Ausdrill*

Hi pixel,
Congrats on your pick in last month's Stock Tipping Comp.


----------



## pixel (2 January 2014)

*Re: ASL - Ausdrill*



burglar said:


> Hi pixel,
> Congrats on your pick in last month's Stock Tipping Comp.




Thanks, Mate 
... and I made even more from trading the little beauty; have also been building a good-sized position to hold on to. Trailing Stop at Close Below 94c.




If it could now close the gap ... :


----------



## piggybank (29 March 2014)

*Re: ASL - Ausdrill*

P&F daily update:-

​


----------



## pixel (29 March 2014)

*Re: ASL - Ausdrill*



pixel said:


> If it could now close the gap ... :



It still hasn't closed the gap, although the last days of February ate into it a little.




But now we're back at last year's Low with the possibility of the bounce in late 2013 being repeated.
It's definitely back on watch, although I'm mindful of false (or true) breaks.


----------



## Garpal Gumnut (29 March 2014)

*Re: ASL - Ausdrill*

I'm tempted, very tempted.

But wary it may all go to crap if it goes below .78, could plunge imo.

I made a nice capital gain last year on ASL. I will watch.

gg


----------



## pixel (15 April 2014)

*Re: ASL - Ausdrill*

Long-time Support held again and that put ASL back on my shopping list. (see April Tipping Comp  )

View attachment 57622


On the daily chart, trades have pulled back to Fib 61.8% of the April range. I'm waiting for the break of Primary resistance, which would give me a technical target of $1.09, likely to advance even further into the open gap.

View attachment 57623


----------



## samgribbles (3 June 2014)

*Re: ASL - Ausdrill*

I am only just dusting off ASL for the first time in years.

Any views on value attractiveness following recent earnings downgrade and price drop?


----------



## Garpal Gumnut (18 September 2015)

*Re: ASL - Ausdrill*

I am considering jumping in to ASL.

Any thoughts or ideas?

A weekly chart with an RSI and volume.

gg


----------



## agumby (2 June 2016)

*Re: ASL - Ausdrill*

anyone with any ideas why ASL is jumping up in price so much, about 30% in the last 5 trading days to 69.5 cents at close of trade today

noticed in their shareholder section that FMR LLC and the entities have increased their stake from 6% to near 10% up until the 16/5


----------



## Boggo (2 June 2016)

*Re: ASL - Ausdrill*



agumby said:


> anyone with any ideas why ASL is jumping up in price so much, about 30% in the last 5 trading days to 69.5 cents at close of trade today
> 
> noticed in their shareholder section that FMR LLC and the entities have increased their stake from 6% to near 10% up until the 16/5




Not sure what is driving it but if you are looking at charts then a squizzy at the weekly showed signs of potential.

I can pop up a chart later if you don't have access to one as quite often the behaviour points to possibilities.


----------



## agumby (2 June 2016)

*Re: ASL - Ausdrill*



Boggo said:


> Not sure what is driving it but if you are looking at charts then a squizzy at the weekly showed signs of potential.
> 
> I can pop up a chart later if you don't have access to one as quite often the behaviour points to possibilities.




That would be great and much appreciated


----------



## Boggo (2 June 2016)

*Re: ASL - Ausdrill*



agumby said:


> That would be great and much appreciated




Charting software just finds the basic pattern (squiggly stuff  ), rest is up you to eyeball.
In this case, weekly chart, double bottom, resistance at 40c becomes support and a break of the recent high.

The rest is up to the individual but if you are not in it or are waiting around for news, reports and numbers you will either get left behind or get misled as the chart is usually a heads up once you have developed the ability to see it.
(I hold at 42.5c)

(click to expand)


----------



## agumby (2 June 2016)

*Re: ASL - Ausdrill*



Boggo said:


> Charting software just finds the basic pattern (squiggly stuff  ), rest is up you to eyeball.
> In this case, weekly chart, double bottom, resistance at 40c becomes support and a break of the recent high.
> 
> The rest is up to the individual but if you are not in it or are waiting around for news, reports and numbers you will either get left behind or get misled as the chart is usually a heads up once you have developed the ability to see it.
> (I hold at 42.5c)




Thanks Boggo, held some at 83.5c from early 2014 but picked up a reasonable chunk at 29.5c jul/aug last year.

Overall hold is 41.4c

Will watch where it goes with interest


----------



## Boggo (2 June 2016)

*Re: ASL - Ausdrill*



agumby said:


> Thanks Boggo, held some at 83.5c from early 2014 but picked up a reasonable chunk at 29.5c jul/aug last year.
> 
> Overall hold is 41.4c
> 
> Will watch where it goes with interest




Nice work.

I intended topping up through 50c but missed it, other projects on the go.


----------



## VSntchr (30 November 2017)

At the risk of getting off-topic by delving a little further, I posted here but the discussion actually started over HERE in the ASX momentum thread.
ASL is an inclusion in the MSCI index rebalance. It has had a strong run-up in anticipation of this and it seems that there has been some unwinding coming into the actual event at close today.


----------



## Porper (30 November 2017)

Yesterday was odd. Got smashed down around 12% in about 5 mins, then recovered. All miners this afternoon have come under pressure. Some bullish patterns starting to fail. S32 for one.


----------



## greggles (12 June 2018)

Ausdrill hammered today. Down 27.5% to $1.725 at the time of writing. I'm attaching a screenshot of today's announcement by way of explanation. They tried to keep the bad news as brief as possible thankfully.

There appears to be support at $1.60 and $1.50 but bad news like this can weigh heavily on a company, so it's hard to say where ASL will bottom out in the short term. It may well end up back at support around $1.30 if there's no catalyst for a change in sentiment.


----------



## kid hustlr (4 October 2018)

Maybe one to keep an eye on. Stock was in a very strong trend before getting carted over news. Looks to be trying to make a low now. Above 2 becomes appealing


----------



## greggles (21 January 2019)

Ausdrill announced this morning that it has recently secured mining services contracts totalling $171 million, including a three-year underground mining services contract at the Rosemont Gold Project from Regis Resources worth approximately $113 million. The share price has gapped up as a result and it now appears that $1.05 was the bottom for ASL. The uptrend that started a few weeks ago is unmistakable.

ASL is currently trading at $1.385, up 6.5% from Friday's close.


----------



## Boggo (21 July 2019)

Last mention this had was on here...
Learning Technical Analysis and its Practical Application

Similiar pattern to that of ILU and a few others at the moment. (I do hold).

(click to expand)


----------



## greggles (29 August 2019)

Solid numbers for Ausdrill in their FY 2019 Financials announced today. 

They exceeded market guidance by 5%. More than $3.4 billion in new work has been secured since 30 June 2018. Work in hand increased to $7.0 billion. Revenue, EBITDA and NPAT all up. Fully franked final dividend of 3.5 cents per share declared.






ASL looking in much better shape now than it was 12 months ago. Solid growth in the last 12 months and a much leaner looking company. Plenty of optimism for FY 2020.

Share price has almost doubled in the last eight months. Not far off 12 month highs today after having taken a beating on declining volumes for the last month.


----------



## barney (5 September 2019)

greggles said:


> Not far off 12 month highs today after having taken a beating on declining volumes for the last month.




Down a bit today but Trading Volume increasing. The High of the HV bar on the 29th ($2.04) or just under looks to be the line in the sand at the moment …. Above=good  Below=Not so good.


----------



## System (28 October 2019)

On October 25th, 2019, Ausdrill Limited (ASL) changed its name and ASX code to Perenti Global Limited (PRN).


----------



## bigdog (16 December 2019)

The Biggest fall today on ASX200 is Perenti Global

ASX announcement today
16/12/2019 9:27:51 AM Ghana Manganese Company Contract and Guidance Update (uploaded)

Diversified mining services company Perenti (previously known as Ausdrill), wishes to advise that Ghana Manganese Company (GMC) has terminated its equipment hire contract with African Mining Services (AMS) at its Nsuta manganese mine in Ghana.

The termination follows the temporary suspension of the contract that was announced to the market by Perenti on 2 December 2019.

The termination is not related to AMS performance, with GMC advising that the termination is due to the Ghanaian government directing GMC to cap its production at the mine and thanking AMS for the outstanding services AMS provided at Nsuta.

As a result, it has downgraded its underlying NPAT guidance from $140 million to between $115 million and $120 million.

Currently down 17%





055


----------



## Miner (22 February 2022)

PRN published its result.
It is an outstanding one but market flogged.
NCM and EVN published results in booming gold - it was poor but market kissed them with a price hike.
I am terribly confused and can not go to pub being a normal work day.


			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02489304-6A1078066?access_token=83ff96335c2d45a094df02a206a39ff4
		




			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02484761-6A1076313?access_token=83ff96335c2d45a094df02a206a39ff4


----------



## Dona Ferentes (22 February 2022)

*Perenti delivers solid results in line with expectations  *
Key points
▪ Strong revenue of $1.2 billion supporting an underlying EBITDA of $201.8 million, an underlying EBIT(A) of $80.8 million and an underlying NPAT(A) of $34.9 million, all of which reflect growth on 2H22.
▪ Statutory NPAT(A) of $41.5 million, up $86.0 million from a statutory NPAT(A) loss of $44.5 million in the prior corresponding period.
▪ Our committed and determined ~9,000 strong workforce delivered results in line with expectations through proactive navigation of a challenging operating environment in respect of labour, supply chains and general cost pressures.
▪ Available liquidity of $539.7 million and net debt of $522.5 million with leverage of 1.3x. 
▪ Updated Capital Management and Dividend Policies with an enhanced focus on liquidity.
▪ Liberated $85.4 million of cash through the divestment of MinAnalytical, noncore property, and noncore corporate equity holdings.
▪ Strong cash conversion of 94%. 
▪ Subsequent to the end of the period, idoba announced a Memorandum of Understanding between the Sumitomo Corporation and finalised the acquisition of two additional and complementary businesses.
▪ Work in hand remains strong at $5.7 billion including $1.4 billion of extensions and our $9.5 billion pipeline is geared towards high-margin underground opportunities.
▪ Perenti has confirmed its FY22 EBIT(A) guidance and increased expected revenue range, notwithstanding that labour constraints and supply pressures are expected to persist through FY22.
▪ Perenti will continue to progress several initiatives to achieve target leverage of <1.0x in the medium term and will provide further context during the strategy refresh in 2H22.

_sounds rather terse?!_


----------



## The Triangle (22 February 2022)

Dona Ferentes said:


> *Perenti delivers solid results in line with expectations  *
> Key points
> ▪ Strong revenue of $1.2 billion supporting an underlying EBITDA of $201.8 million, an underlying EBIT(A) of $80.8 million and an underlying NPAT(A) of $34.9 million, all of which reflect growth on 2H22.
> ▪ Statutory NPAT(A) of $41.5 million, up $86.0 million from a statutory NPAT(A) loss of $44.5 million in the prior corresponding period.
> ...



I can't remember when this changed over from Ausdrill, but I think it was around $1.70 at the time??   Half year headlines look good but when you step back and think about it - Perenti (and all engineering/mining service providers) tend to be a dog investment over the long-term.    They are great at growing revenues and terrible at growing the share price.    They also don't really get upside from resources going up other than more contracts at similar margins (which requires more capex)

All the operating cashflow they make just gets turned in to capital spending.  It's a never ending cycle.    At least the debt owners make some good coin.


----------



## Miner (7 May 2022)

PRN got a lovely bonus by exiting and C79 got a big thud on listing too. 


			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02518541-3JKMKDVPRM09U40FLSRQC8ISKG/pdf?access_token=0007Mj95eywAZ9qO9d2z0WRyQHjy


----------



## Dona Ferentes (7 May 2022)

Now trading at $0.69, looking a bit underbaked ($2.60 in 2018). Market cap now $490 million.

_During FY22, Perenti portfolio management and rationalisation activities have generated a total of $134.7 million, excluding transaction costs and have included the divestment of the following non core assets: _

_MinAnalytical for $43.6 million    _
_Non core property assets for $32.1 million    _
_Historical corporate positions arising from drill for equity activities for $10.1 million    _
_Chrysos equity position for $46.3 million    _
_Well Control Solution for $2.6 million    _


----------



## System (3 November 2022)

On November 2nd, 2022, Perenti Global Limited changed its name to Perenti Limited.


----------



## Miner (3 November 2022)

System said:


> On November 2nd, 2022, Perenti Global Limited changed its name to Perenti Limited.



Does the change of name now  indicate a future direction to become a local company than a global one ???
Holder


----------

