I've never followed them very closely. But they've always been on my list of companies to understand better, if I ever get on top of my research backlog for my watchlist. (Yeah, that's not happening any time soon.)

My understanding is that the SP has collapsed partly because the "CAT" revenue and order book has plunged, since it peaked on the back of various catastrophes leading to 2022. Even though "BAU" continues to grow (1H FY25 BAU Revenue +9% to PCP).

However, the kicker is EPS performance: down from $8.47 to $5.17! That's -39%, although you wont see it until slide 21 in the presentation.

And there was the whole Strata governance issue, reported in the press a few weeks back. Again, I'm not on top of that.

In fact, off the back of last results, analysts consensus PT has been slashed from $4.83 to $3.31.

But with the latest weather we are going through here in QLD, and given that recent hurricane / tornado seasons in the US have been high, I'm a bit surprised the SP hasn't responded positively in anticipation of a renewed CAT order book? Perhaps the market was expecting a more positive read out of the US component at the recent report, and was disappointed not to get it.

Now all that said, even with the SP at time of writing ($2.425), $JLG is still on a forward P/E of around 17 - which is hardly cheap for this type of business.

Is is that the market previously got carried away with revenue growth driven by acquisitions, and non-recurring weather-driven peak revenues?

Like I said, I am not close to this one. But while I was trapped indoors in Brisey with non-stop wind and rain over the weekend, I did wonder whether I should do some research on this one.

However, I am suspicious of this one. For as mature a business as $JLG not to include NPAT on their financial highlights slide, is an orange flag. Most of the presentation is fixated on revenue and EBITDA.

If it falls any further, $JLG might be worth doing some work on. There is a solid BAU business, and it seems reasonable that we might see an uptick in CAT as well, at next report. (Although not nearly as much as we might have, had Alfred maintained cyclonic strength for longer. Even so, Premier Crisafulli has said the repair bill is going to be $ billions, and some of that will doubtless go $JLG's way,)

Disc: Not held