Have not had time to do a full analysis:
- Most of their profits come from Oil and Gas (73% of revenue, 72% of profit, counting their investments (K1 and other offshore and marine) under this category)).
- They have orders until 2012.
- I expect oil prices to remain high, and to recover when economic growth comes back. Despite all credit crisis and stock market crash, oil is still above $70.
- With 35c profit in 1H08, they have a PE of 7.1 at a share price of $500. However I should discount or ignore their property profits as being cyclical.