The 1H18 performance (revenue $5.9m, net loss from continuing op $2.3m) was weak as expected, although the focus from now on UAVs gives us cause to be optimistic about a 2H recovery. Forecasting risk sees us pare back margins in future periods, dropping our valuation to $0.60 (prior $0.75), but still backs up a speculative buy call. We will be ceasing coverage of OEC following release of this note after a review of companies covered.
We will be ceasing coverage of OEC immediately following release of this note.We will be ceasing coverage of OEC immediately following release of this note.
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