Bradken downgraded to Hold
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On no discernable news, Bradken’s share price has risen 33% since we upgraded it in Time to buy mining services? on 26 May 14 (Speculative Buy – $3.36). There's been vague talk of takeover offers from industry and private equity but we suspect that the business was simply cheap and the market too pessimistic. It's a good reminder that we don't have to invent reasons to buy cheap stocks: cheapness is its own catalyst.
Our five chosen mining services stocks have performed well since being upgraded – only Emeco is down and the others are up by varying degrees. Words of cautious encouragement are starting to come from the sector. Some claim that the worst is now over, but that doesn’t mean we should expect a swift recovery. Bradken has rebounded quickly but we should still expect surprises from this sector. At today’s price, Bradken is hardly expensive but, trading at a premium to book value, it's no longer dirt cheap. We’ll stick to our original recommendation guide and downgrade to HOLD for now, but will be watching this sector closely over reporting season.
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