The Globe and Mail reports in its Thursday edition that shares of SNC-Lavalin have slumped 45 per cent since June, 2018, falling to levels last seen during the depths of the bear market in early 2009. The Globe's David Berman writes that a failure to resolve bribery and fraud charges related to old business dealings with Libya, a $1.24-billion writedown (after tax) on its oil and gas division, worrisome debt levels, a corporate debt-rating downgrade from Standard & Poor's, and simmering intrigue regarding the company's relationship with the Prime Minister's Office is making the stock difficult to value. On Friday morning, SNC will report its fourth-quarter financial results. Analysts expect the company will report a loss of $1.72 per share. That will mark the company's first quarterly loss since the third quarter of 2013. However, a lot of bad news is already baked into the stock. The price-to-earnings ratio, using trailing 12-month profits, is just 13.2 -- close to the lowest level of the past 10 years. On Wednesday afternoon, the bonds traded just 3.1 per cent below the issue price, reflecting cool heads among the company's debtholders, even after S&P downgraded SNC to one notch above junk status.