Although the market has pushed higher this week to multi-year highs, not all shares on the market are faring as well.
Three shares which have fallen significantly over the last 12 months are listed below. Are they worth buying today?
The Accent Group Ltd (ASX: AX1) share price has fallen 40% since this time last year, leaving its shares trading at just 12x trailing earnings. While profit growth is expected to be minimal this year, I still think its shares are trading at an attractive price. Especially when you factor in the trailing fully franked 6.5% dividend that they provide. This could make it worth considering Accent today in my opinion.
The Freelancer Ltd (ASX: FLN) share price has tumbled 50% lower during the last 12 months. Investors appear to have run out of patience with the operator of the largest freelance network after slower than expected growth. Quarterly cash receipts have been mostly flat for nearly two years now, leaving many concerned (myself included) that it may take many years before it is making meaningful profits. I would stay clear of Freelancer until things improve.
The Mayne Pharma Group Ltd (ASX: MYX) share price has lost 47% of its value since this time last year. The pharmaceutical company has come under pressure due to significant price deflation in the U.S. generic drugs market. This has been caused by the consolidation of wholesalers and retail pharmacy chains, leading to around four purchasers controlling upwards of 90% of the supply. The good news is that this can't carry on forever and a turnaround in prices is inevitable. The big question, though, is when will it happen? As it is hard to say, I intend to stay away from Mayne Pharma until it is evident in its sales.
