Major drilling TSE-MDI Message Board

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Gold/Mining/Energy : Major drilling TSE-MDI

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To: David Kitt who wrote (42)	1/12/1998 11:20:00 AM
From: John Veltheer	Read Replies (1) of 71

MDI is holding at 19 with strong support bids coming in every time the stock is whacked. Given that the TSE rebounded strongly from the 6100 level I am inclined to think that downside from here is limited. There are too many stocks trading at 52 week lows and p/e ratios less than 12. The MDI financing last year was done at $18 so my guess is this is the bottom again. The stock is more likely to trend back to $23 or $24 than $14. The market will have to strengthen a fair bit to break out of the trading range (i.e. above $25) though. Still $19 to $24 is 25% return. I notice the stock is currently bid above the last trade and holding. On the corporate side they have lost a couple of drill contracts in Latin America but they amount to about 2% of revenues. Otherwise this is still a cheap CDN success story and growth stock. JEV

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