Businessweek

AUSTRALIAN COMPANY NEWS BITES

STOCK REPORT

Boart Longyear Limited (ASX:BLY), Australia's 11th largest capital goods company by market capitalisation, closed unchanged at $1.52, ending a three-day streak of losses. The price is at a discount of 20.6% to the 1-month volume weighted average price of $1.92, which may appeal as a value proposition. Compared with the All Ordinaries Index, which rose 37.9 points (or 0.7%) on the day, this was a relative price change of -0.7%.

RELATIVE VALUATION INDICATORS [RVI] FUNDAMENTALS

Bullish Signals:

Valuation

- Price/Earnings of 10.7 versus sector average of 18.5 and market average of 20.3. We estimate the shares are trading at a current year P/E of 10.1 and a forward year P/E of 9.6.

- 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 0.9.

- Dividend Yield of 7.5% (based on trailing 12 months dividends of 11.46c) versus sector average of 5.0% and market average of 4.8%.

- The P/E of 10.7 multiplied by the P/NTA of 1 is 10.9. 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 12.3%

- 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 9.3%.

- Return on Assets of 3% versus sector average of 3.8% and market average of 1.7%.

RELATIVE VALUATION INDICATORS [RVI] TECHNICALS

- In the Australian market of 1,222 stocks and 57 units traded today, the stock has a 6-month relative price strength of 79 (it has outperformed 79% of the market).

% Premium to low: it is at a premium of 39.6% 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 $378 [vs $1,234 for the All Ordinaries Index], including a capital loss of $640 and dividend reinvested of $18. The total return to shareholders for 1 year is -62.2%.

Oversold/Bullish/Support Signals

- The Relative Strength Index (RSI) of 13.1 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 -94.5, 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.

Description	Value	Rank In Market
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