It’s good to frame it in the context of a world that is very inflationary, with the major central banks being forced to increase interest rates. At the same time you have the Russian invasion, which is making the inflation problem worse and helping commodity prices stay up. This is a good environment for resource companies. They are very profitable now and have flush balance sheets.
It also has some pretty fancy innovative technology and has continually invested in its fleet. It’s trading on a p:e of less than 8 and a price to book of less than 1, and at this price, the share is not discounting any good news. I think this is incorrect and that it’s just the start of a positive mining capex cycle, and Master Drilling will benefit from that.I’d be wary of highly rated growth businesses that rely on very low discount rates.
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