NRW joins Forge's rally
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Today belonged to mining services companies with Forge Group (FGE) and NRW Holdings (NWH) dominating the leader board for the Uncapped 100.
Forge is in the spotlight after it surged 8.3% to hit a four month high of $5.72 on news that its joint venture has secured a $1.47 billion contract for the Roy Hill mine, but NRW is running close behind in second spot with an impressive 8% rally to its highest level since April of $1.48.
NRW has now recorded its fourth consecutive session of gains as investors warmed to the stock after it too announced that it had won a contract for Roy Hill worth around $20 million.
That amount may look like it is hardly worth getting excited about given that management is forecasting 2013-14 revenue of up to $1.2 billion, but the contract goes a long way in bolstering confidence towards the group’s future as it shows that pipeline of work may not be as dry as some might fear.
While the stock looks fully valued based on consensus estimates, there is plenty of room for brokers to upgrade forecasts as they are anticipating sales and profits to plunge by more than a quarter this financial year (see A mining services revival?).
Despite the stock’s recent run, it is still down 39% over the past year and is yielding around 9% once franking credit is included.
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