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Matrix Composites & Engineering (MCE) - Staying Afloat

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Offshore oil and gas remains a tough market given low oil prices and the rise of shale producers. This has meant very poor sales for MCE in its traditional riser buoyancy market, leading to Company guidance for an anaemic $9m revenue for 2H17. This has caused management to look to diversify the business away from riser buoyancy to better task the composites manufacturing facility in Henderson. Whilst some success has been had in initial diversified products, we believe it will take time to penetrate new markets. The level of uncertainty is reflected in our HOLD call on a revised $0.43 valuation (previously $0.62).

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