a turnaround story par excellence imo, page-3

The market has ignored Watpac in the last month as the construction and mining services sectors have recovered.

Moelis upgraded their outlook for WTP in the past month - if they are accurate then currently trading on a FY13 P/E of 6.2 and FY14 P/E of 5.6. New management have reduced internal costs (staff) and are selling property they can’t do anything with in the next couple of years to reduce debt - sounds like they are doing the right things. They had a healthy project backlog at the end of FY12 and have won their fair share of new projects since.

If there is no bad news in the half year report, I expect the SP to be up 20% … and up 30-40% if the report shows margins are turning around. IMO, very little downside and good upside, at least for the current year.