McAleese Limited (ASX: MCS) Since listing last November, McAleese has reported bad news

Leyland Private Asset Management

Trusted and Confidential Asset Management Advisors

McAleese Limited (ASX: MCS) Since listing last November, McAleese has reported bad news. In January, Coote's Transport lost the national Shell fuel distribution contract and the NSW BP fuel transport contract accounting for a $92.5 million loss in annual revenue. In February the company went in to a trading halt announcing underlying NPAT was expected to be $12.6 million below consensus, they also announced a one-off cost of $66.4 million. In April McAleese announced further downgrades to revenue and EBITDA. However, on the 11th of August the company announced that annualised three month EBITDA for July was $90-95 million, ahead of previous guidance, and they sold Liquip for $65 million. Ongoing restructuring and reduction in financial risk via asset sales has seen EPS forecasts rise for coming years and an with an estimated FY15 P/E of 7.5 we see value emerging in this company. Our monthly newsletter is available here:(VIEW LINK)


Leyland Private Asset Management
Trusted and Confidential Asset Management Advisors

Founded in 2003, Leyland Private Asset Management is an independently owned firm specialising in Australian Stock Market and Fixed Interest Investments for individuals, companies, self-managed super funds, institutions and family offices.

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