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AUSTRALIAN COMPANY NEWS BITES

STOCK REPORT

Boart Longyear Limited (ASX:BLY), Australia's 10th largest capital goods company by market capitalisation, plummeted 19.0c (or 11.0%) over the past two trading days, after falling 3.2% on Monday and 8.3% on Tuesday to close at $1.54. Compared with the All Ordinaries Index, which rose 59.7 points (or 1.2%) on the day, this was a relative price change of -9.5%.

RELATIVE VALUATION INDICATORS [RVI] FUNDAMENTALS

Bullish Signals:

Valuation

- Price/Earnings of 10.8 versus sector average of 18.4 and market average of 20.6. We estimate the shares are trading at a current year P/E of 10.2 and a forward year P/E of 9.7.

- Price/Sales of 0.4 versus sector average of 0.6 and market average of 1.4. We estimate the shares are trading at a current year Price/Sales of 0.3 and a forward year Price/Sales of 0.3.

- The Price to Book of 1 is lower than the average of 2.5 for the Capital Goods sector and 2.6 for the Total Australian Market. We estimate the shares are trading at a current year Price to Book of 1 and a forward year Price to Book of 1.

- Dividend Yield of 7.4% (based on trailing 12 months dividends of 11.46c) versus sector average of 4.8% and market average of 4.8%.

- The P/E of 10.8 multiplied by the P/NTA of 1 is 11.1. Being less than the Benjamin Graham benchmark of 22.5 the stock appears undervalued.

- The company is cash rich with Cash to Market Capitalisation at 12.2%

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.3. Compared with the rest of the market the stock is undervalued and ranks in the top quartile of stock by value of Q Ratio.

Performance

- Total Liabilities/EBITDA of 3.6 is comfortably below 5, this compares favourably with the Joseph Piotroski benchmark of 5.

Bearish Signals:

Performance

- Return on Equity of 6.0% versus sector average of 9.1% and market average of 9.0%.

- Return on Assets of 3% versus sector average of 3.8% and market average of 1.8%.

RELATIVE VALUATION INDICATORS [RVI] TECHNICALS

- In the Australian market of 1,214 stocks and 53 units traded today, the stock has a 6-month relative price strength of 68 (it has outperformed 68% of the market).

% Premium to low: it is at a premium of 41.0% to the 12-month low of $1.09 (traded on 05 Sep, 2012).

- The present value of $1,000 (PV$1000) invested one year ago is $381 [vs $1,209 for the All Ordinaries Index], including a capital loss of $637 and dividend reinvested of $18. The total return to shareholders for 1 year is -61.9%.

Oversold/Bullish/Support Signals

- The Relative Strength Index (RSI) of 11.0 has breached the oversold line of 30, suggesting the price decrease in the last 14 days is unusually high.

- The stock is oversold according to the Williams % R indicator of -93.4, suggesting the price is close to its 14-day low.

- The Money Flow Index [MFI] is 11.9 suggesting an oversold 14-day trend, being under 20. The Money Ratio of 0.1 suggests positive money flow was 0.1 times negative money flow.

- The Stochastic indicator of 5.5 has pierced the oversold line of 20.

Description

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