Major drilling TSE-MDI Message Board

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Gold/Mining/Energy : Major drilling TSE-MDI

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To: John Veltheer who wrote (43)	1/19/1998 10:57:00 AM
From: John Veltheer	Read Replies (1) of 71

Midland is downgrading their target on Major Drilling as a result of the downturn in the mining sector. "In the current downturn in the mining sector, the appropriate multiple has also declined from 20x eps to 15x eps to better reflect market conditions. Applying a 15x multiple to our projected forward earnings in FY99 of $2.05/share, leads us to our revised target price of $30."

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