Logicamms is a company that provides consulting and engineering services to the mining, construction and oil & gas sectors in Australia. As you may expect, the market is very pessimistic about its prospects given the collapse in oil prices and the bear market now apparent in commodities. When I first looked at Logicamms I didn’t feel I could properly judge the level of profitability it could sustain going forward, but now there is a further year of accounts to peruse and also management have guided on 2016 performance. In short it expects to make $4m in the first half of the year, and claims its pipeline of work is stronger for H2 2016 than it was for H2 2015. Even if the company makes no profit for the rest of the year, it is trading at a P/E excluding cash of just 9 at this low point in the earnings cycle.