Robert Schulz
Long/short equity, special situations, event-driven

Maire Tecnimont - The Successful Turnaround Continues

Introduction

This article is an update to my September 2013 article about Maire Tecnimont S.P.A (OTC:MTRCY) (MT.MI). Since then, the company's stock has rallied by +100% to a high of EUR 2.90 in April as investors have started to understand the turnaround story and the previously overly-pessimistic analysts have updated their price targets and estimates. Since reaching its high in April, the stock has corrected by around 25% to EUR2.20 and has just bounced off this low over the past few days after the announcement of yet another USD 199m worth of new orders. The question is now, whether the recent drop has created a buying opportunity or whether the stock is priced fairly at its current level...

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