Starting 2H20 with a weak $10m order book, MCE needed quick conversion of the ~$50m tender pipeline. C-19 has put paid to that, and MCE expects weak conditions to extend into 1H21. While a $15.9m net cash position provides breathing space and helps underpin a near-term target price of $0.20 (previously a valuation of $0.45), heightened uncertainty and expected near-term losses means a HOLD call remains appropriate.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.