@hyperreal
Thanks for your feedback.
It will be interesting to see their H2 24 results, as it seems that it does not include any more the impact of Project Caymus.
Do you know if they indicated in the past an estimate of the Project Caymus contribution to revenues and earnings ?
Of course, I see your point about the increase of labor costs.
Probably the reason in the short time why it is so important for them to get a good trend for new orders.
Difficult to know in advance what they will do, when the order trend will slow.
I suspect that they should have another good level of cash flow for H2 24, as their last acquisition (Piping Solution, high margin at 8.8 % vs 7.7 % for Saunders) will be fully consolidated. Piping Solution was only consolidated for 2 months during H1 24.
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