This is a much anticipated or hyped float, depending on your point of view.

the 'Intelligent Investor' or The 'Intelligent' Investor, depending on your point of view, has bought out a freebie bit of research that is severely critical, and rates the forthcoming float as an AVOID

http://www.intelligentinvestor.com.au/a ... D=10002817

I haven't got excited about this one, m'self.

I think Huntleys has it as a buy! Personally, haven't bothered to look-when private equity is refloating something, by a bookbuild no less , you know there can't be much meat left on it.

issue price at $1.85. Retail offer scaled back.

there may even be some meat on it - a bit of a stag profit to be made. They have learnt the lesson from Orica and not pitched in too high.

after coming out of the blocks at $1.87 (2c up) it had settled at the issue price of $1.85 but now is under by a cent or two.

No stag; insto's that got their 'entitlement' in full could be selling to retail investors whose applications were severely scaled back??

Another example of 'fully priced' float that leads to disappointment and hence wariness.

And closed at $1.80 on a shortened day's trading.

up to $2.12. On a P/E of 16. The other two in the same business on ASX (ASL and BDL) are on P/E of circa 12.

i did get a parcel of bly in the capital raising at 27 cents.

i sold down to free carry last week to recycle capital. technically to sell down a rising stock without waiting for the rise to finish isn't top level trading, but i got a few in the drawer for nix,so let the next bloke make a buck as well.

been a very volatile story,the exit was timed very well by the private equity sellers.

Boart Longyear (ASX:BLY) is upgrading prior guidance given in February. Estimated revenue for 2010 is now expected to be 33 per cent higher than 2009 and EBITDA is expected to be USD195m, up 76pc on 2009. Margins remain under pressure as the drilling services segment continues to work on lower priced contracts signed during 2009. Also, the company continues to spend in hiring, training, material purchases, and fleet mobilisation to support the incremental demand as the business improves.

Pricing for new contracts continues to improve. Boart Longyear will remain focused on organic growth, product innovation and margin expansion.
"We are experiencing a strong mineral exploration recovery across all our global geographies," chief executive Craig Kipp said.
"As a result of this expected revenue increase, plus last year's rapid cost control actions, we are now forecasting strong 2010 operating leverage, with a 76 per cent increase in EBITDA on a 33 per cent increase in revenue."
The company continues to analyse acquisition opportunities, however it appears that most drilling services acquisition multiples are currently not accretive to the business. Therefore, Boart Longyear is increasing CAPEX by USD50 million to USD150 million in 2010, funded through existing liquidity.This increased CAPEX will focus on organic growth while also addressing potential market opportunities due to stronger demand.
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or something. still too volatile, capital intensive and dependent on the 'generosity of others'.