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3 ASX shares trading near 52-week lows — OZ Minerals Limited, Ozforex Group Ltd and Webjet Limited

These three ASX shares are trading at 52-week lows, but they are not without hope.

OZ Minerals Limited (ASX: OZL)

Shares in gold and copper miner OZ Minerals (ASX: OZL) are stuck in a rut, trading at a new 52-week low of $3.45.

So far in 2013, the shares have fallen 48%, and are down 58% from their 52-week high of $8.22.

Last month the company lowered its full-year copper production guidance, at the time sending the shares down 7% to around $4. Things haven’t improved since then.

It its most recent results for the six months to June 2013, OZ Minerals reported an underlying net loss of $36 million, but in a show of confidence, in the balance sheet if nothing else, they did declare a 10 cents dividend.

At the end of June, OZ Minerals had a cash balance of $433 million and no drawn down debt, which compares very favourably to the company’s market capitalisation of just over $1 billion.

If they can put their production problems behind them, and get a bit of a boost from the copper and gold prices, the future could look a little brighter for OZ Minerals shareholders than the recent past.

Ozforex Group Ltd (ASX: OFX)

A recent IPO, Ozforex shares initially soared from their issue price of $2 to as high as $2.88, but now trade down around $2.40, a new low for the stock.

The issue price was something of a premium valuation already, at 21.7 times estimated profits of $18.6 million in the 2014 financial year. In its prospectus, the company forecasts that after growing net profit after tax by 30% in 2013, it will go on to deliver another 30% in the current year and a whopping 38% in the first six months of financial year 2015.

Some commentators are likening OzForex to fellow high-flying Internet disruptors REA Group (ASX: REA), Carsales.com (ASX: CRZ) and Seek (ASX: SEK).

High growth companies naturally sport premium valuations. Now some of the froth has come out of the stock price post the IPO pop, investors may want to take a fresh look at the company.

Webjet Limited (ASX: WEB)

Webjet shares have crash-landed in recent times, falling a massive 33% in the last three months to a 52-week low of $3.05.

Total transaction value growth for the year ended June 2013 was  just 1.3%, with earnings per share up 2% to 19.22 cents per share, as Webjet pursued higher profit margins.

All eyes will be on the company’s AGM on Wednesday 13 November when Webjet is expected to provide full year guidance for 2014.

There are still plenty of growth opportunities for this former high-flyer, and with the shares now trading at a more modest trailing P/E of 16, the worst of the share price falls could be in the past.

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