Have just started digging into this a little bit. Looks like a...

Have just started digging into this a little bit.

Looks like a fairly regular roll-up play by management to take advantage of the east coast infrastructure boom. Obviously this entails as others have mentioned, a hefty amount of execution risk. Anyone seen these guys in action at a Annual Meeting?

Would have thought as a primarily 'service' based business it would be relatively capital light however this doesn't appear so by the hefty depreciation charge each year. Can anyone shed any light on the kind of PP&E they are working with?

Also seems like they are fairly aggressively (3-5 year timeframe) amortising customer relationships. Obviously this goodwill item will be topped up with additional acquisitions, but the overhang should surely start to diminish over time and improve earnings. Should put VRS on a few more radars as my broker shows currently shows a P/E of 1000x but I get a very crude P/CF of ~10x (for the Surveying div.).