Gabelli & Company Reiterates Buy Rating on Layne Christensen Company

In a report published Friday, Gabelli & Company reiterated its Buy rating on Layne Christensen Company

. Gabelli & Company noted, “Our 2013 (FY2014) PMV of $39 per share, calculated by using a blended multiple of 7.0x EBITDA on the business, implies a 42% margin of safety for the Mineral Exploration business and the Water businesses, plus a free option on the Energy Services business. We believe shares are attractive at current levels, and continue to recommend purchase.” Layne Christensen Company closed on Thursday at $22.68.