Comparative review

In Cage match: UGL vs Transfield back on 28 Sep 10 (UGL: Avoid – $15.10; Transfield: Avoid – $3.69) we said we might look again at these two contractors if their prices fell below $11 and $2.50. They have, so that’s what we’ve done. The decision on Transfield Services is relatively straightforward. While the share price has halved over the past two years, earnings have slipped 12% and free cash flow has dropped 70% if you’re being charitable. We’re also a bit concerned about management, due to some less-than-candid commentary in the company’s annual reports. Just look at the...

In Cage match: UGL vs Transfield back on 28 Sep 10 (UGL: Avoid – $15.10; Transfield: Avoid – $3.69) we said we might look again at these two contractors if their prices fell below $11 and $2.50. They have, so that’s what we’ve done.

The decision on Transfield Services is relatively straightforward. While the share price has halved over the past two years, earnings have slipped 12% and free cash flow has dropped 70% if you’re being charitable.

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