MND has enjoyed fabulous ROE across the work it has done during...

MND has enjoyed fabulous ROE across the work it has done during mining boom. From Clime: Av NROE (over 5 yrs) 84.4%, FY14 NROE 62.8%, Forecast NROE 40%. That's still too high imo. I wrote previously that from here on MND will have margins at a substantial reduction from previous history. It can't be any other way. Have same number (almost) contractors/consultants fighting over a smaller pie. Plus companies demand contractors do work at ever cheaper prices as commodities fall in price.Hence I expect future EPS for MND to continue falling. We'll have to wait and see. Plus redundancies can be hellishly expensive. Needs macro to improve which is unlikely imo.