Coates Hire

Coates Hire (COA): Winner


Coates Hire (COA) was the best performing company this week on the Australian sharemarket (loser of the week for week 17 of 2007) closing the week 18 percent or 95 cents higher, closing at $6.17 after confirming private equity bid approaches. The company took the award this week for the best performing company on the ASX200 index. The industrials are on an average PE of 18.1 times - the highest since the tech boom. The ASX200 index closed at 6304.9 and the All Ordinaries at 6296.2. Coates Hire was also a Loser of the week back in February.

Coates Hire (COA): Loser


Coates Hire (COA) is the loser of the week (the worst performing company on the Australian sharemarket ASX200 index) for week 8 of 2007. The hire company closed the week at $5.22, losing 89 cents or 14.57 percent.

Non-Residential Construction Boom


A non-residential construction boom is coming according to stock analyst Macquarie Research Equities (MRE). The number of upgrades to estimated major project construction work for 2007 has increased and in MRE's estimates that this could "reflect strong underlying demand and a freeing up of resources with the completion of a number of large projects. Major project work in 2006 increased 20% to $A20.7bn." According to the analyst, the main sectors driving these non-residential construction upgrades are mining, utilities and energy.

Coates Hire (COA) Shares Recommendation


Deutsche Bank have rated the Coates Hire (COA) stock with a Buy Recommendation, all the while increasing their share price target from $5.72 to $6.65. The broker had reexamined their numbers following industry discussions and is now working on better growth in FY08 ahead of a slight downturn in FY09, all on a cyclical basis.

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