Where is this headed, page-9

Well you might get the impression from the chart that they market expected CDD to miss the consensus EBITDA. Details will be important, but if the US and Intl Dev is turning around, that is a good start. They will need to focus on Aus if they get that right, by the looks.

They haven't made any short term promises, so market should not be judging CDD so harshly, if the turnaround is taking time.

EV of about $500m AUD, U EBITDA of about $60m. 8.3x if you take the underlying at face value. That isn't expensive for a consulting business. You might very roughly expect about 11x for similar businesses that don't need fixing up.

If you imagine CDD being "fixed", you might be looking at EBITDA of (say) $80m, EV multiple of 11x, same debt, $1.75. If lots of work turns up it could be double that in good times, and the multiple higher too, and in worse times still better than it is now if the business is operating effectively. I suspect crescent will be waiting for the next good times when Cardno and others have pricing power, and that is when they will exit.