I wouldn't usually be too concerned about the ~$140 million in debt, however MYR only have ~$30 million cash on hand, NPAT has trended down from ~$140 million in 2012 to just ~$11 million in 2017. This is a deal breaker for me.
I acknowledge that the gross margin is good and sure MYR has ~$1 billion on the books looking at net assets, keeping in mind fair market value of assets and book value can have great variance, however I can't share your optimism on this. There is also the possibility that someone might come along and takeover MYR to restructure the entire business if the share price continues to fall.
I hope you do well on your trade and I am wrong on this.
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