Emeco Holdings Limited (ASX: EHL) is a company which has made a significant turnaround in the past year.
Back in early 2013 the company's share price was trading at around 67 cents before it started to dive.
Then the mining services company, which claims to be the world's number one in the mining equipment rental sector, watched its share price dive amid a downturn in the resources sector.
By mid-2016 Emeco's share price had dropped below 2.9 cents, losing more than 95 per cent of its value in just over two years as its debt level ballooned and experts warned that the company could go bust.
But Emeco has turned things around since then in a very big way.
The company's share price has gained about 250 per cent in the past year after notching up another 5.46 per cent on Thursday.
Shares in the company, with market capitalisation of about $817 million, are now up to 29 cents.
And it seems that Emeco's share price could keep heading up.
The company posted an operating EBITDA of $83.5 million for financial year (FY) 2017, a 54 per cent increase on FY 2016's figure.
As such, Emeco reported a loss of about $91 million for FY 2017, a significant improvement on the loss of $180 million the company reported the year before.
Management is expecting the momentum to continue in 2018 with CEO Ian Testrow telling shareholders at the company's AGM in November that the first quarter of FY 2018 saw "Emeco's revenue and EBITDA approximately double to $89 million and $31 million respectively".
Last week the company announced that EBITDA was up to $35.8 million for the second quarter of 2018, a 15 per cent improvement on the previous quarter.
With commodity prices expected to rise in 2018 and renewed optimism for miners such as Rio Tinto Limited (ASX: RIO), BHP Billiton Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG), Emeco is looking like it's in a good position to continue its comeback.
As such, Emeco is looking like a buy.
