Well, so far not the slightest evidence other than a gradual unwinding of the business. The NAV discount means zilch as it keeps getting eroded. Besides many construction companies have entered the contract mining space and are eating SNU's lunch. This is the problem if you come from a big, lazy corporate environment and lack entrepreneurial skills - just look at the size of that board and its cost. It is all about corporate governance and not performance. A play on breakup value only unless a suitor steps in...
A turnaround is subservient to the industry in which it is attempting the turnaround. Contract mining is over-traded, few real sustainable barriers to entry with little pricing power. Particularly if you are listed and make margins that are too high, the mines turnaround and bargain you down, because as an outsource service, you are a cost centre.
Im watching it with Hawk eyes....bought at 43c, surely they cant go much lower!! Berry has been at the helm for long enough and just seems to be very slow to make a real impact?? perhaps a merger between Buildmax and Sentula. Only two serious tier one plyers left Aveng (Moolmans) and Eqstra (MCC) abd there is place for another tier one player ... a merger could unlock some good shareholder value!! (If ego's dont scuttle the deal).
Until there is a serious improvement in the coal export market (unlikely) and minerals exploration (even more unlikely) SNU will continue to struggle. When the turnaround comes though... this one should fly it's so highly geared.