Seeking Alpha: Layne Christensen Still Drilling For Bottom.

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.

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Layne Christensen Still Drilling For Bottom.

Seeking Alpha: Layne Christensen Still Clear As Mud

Layne Christensen (LAYN) has never been an easy stock, and a variety of problems in recent years hasn't made things any easier. This was always an unusual resources conglomerate, with operations in water, minerals, and energy, but a corruption scandal, downturns in the market, and an inefficient corporate structure have made the situation even more challenging. Though I can see a viewpoint whereby these shares may be undervalued, I think the company is looking at some challenging end market conditions and a lot of internal heavy lifting - Layne Christensen is, I believe, getting better, but it's operating environment is getting worse.

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Layne Christensen Still Clear As Mud