We have held MXI in the SMSF for a while now, as of EOFY 2017 it is doing ok, we paid 60c and its sitting around 70c now. Its a lumpy and cyclical business involved in making trailers for prime movers, a well run little business that has suffered from the double wammy of the mining construction boom ending and the effect of the drought on rural industries.
I have the IV in the range of 80c-$1 while noting that FCF is currently negative due to high capex and dropping revenue in tandem with rising costs. Will need to keep a close eye on how things develop.
FY 2018 Looking a bit healthier, but its hard to see much growth, the never ending drought in Australia is a real drag on the business. I am considering exiting this one.
H1 19 - the persitently gloomy outlook for this business continues, hard to see a light at the end of the tunnel.
price taker, no moat
