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Strategies & Market Trends : Value Investing
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E_K_S
To: E_K_S who wrote (55437)6/10/2015 1:27:05 PM
From: Graham Osborn1 Recommendation   of 79085
 
Hey EKS,

I'm not seeing much excitement in domestic/ international nuclear MRO. As far as the Navy contracts go that is solid guaranteed work (48% of backlog but doesn't convert til FY17) that should provide some downside. Management was pretty clear on the Q4 they expect the upside in refining:

Again, I'd like our pipeline is largely weighted towards refining. That's always been our strongest hand to play. And to me it's just timing. Again, I wish I could be more definitive, but what gives us the enthusiasm and why we still feel we can execute our growth strategy from going from $100 million to $200 million, subject to market fundamentals is the enormity of our pipeline. It's just massive. And it's in our sweet spot; refining, petchem, and we always do well. When that pipeline is bulging it translates to orders at some point.

There was a decent article in this morning's WSJ. Corpus Christi is blowing up right now. They've got oil coming out of their ears. I project Gulf Coast refinery expansion will continue to take advantage of that, once they've recovered from shell shock and see they've got to refocus their business. It might take a few Qs. But I think Graham sees that opportunity and it will play out. I'm still running around trying to calculate a true forward cost per bbl for US producers - THAT is the wildcard.

-Graham
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