Not much of major consequence has changed for Layne Christensen (LAYN) in the last three months, other than a further 20% pullback in the shares. As I wrote back in September,
while this company has some interesting turnaround appeal, the timing
of that turnaround is very uncertain, as is management's vision of how
its primary markets are developing.
The company's Mineral Services
operations continue to be of concern to me, as the market environment
for mineral exploration seems to hit rock bottom only to keep digging.
At the same time, the heavy civil and geoconstruction businesses remain
works in progress with little clarity on their new normalized run-rate
profitability.
Please continue here:
Layne Christensen Still Drilling For Bottom.
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