Looks cactus, page-7

Hi Drag

I think most of your figures will be overstated. I'd expect less revenue but a higher EBITDA margin but also higher rates of D&A. Finance costs look low too given they will pay interest on the gross not net debt and there will be charges as well.

I am hoping (but expecting worse) that they can breakeven at a NPAT level for the next year or two while they de-leverage. Agree that they need more Civil work for gov. This is why I invested in the first place a year ago thinking they would have more work in this area...although expected them to have net cash at this stage not heaps of net debt. Wasn't expecting Samsung to be such a disaster.

Have sold more than half at a massive loss but won't take much to go right from here for value over the medium term. Loss of Middlemount though would be a disaster.