I'm no industry insider but I analyse business performance for a...

I'm no industry insider but I analyse business performance for a living. If any of your claim were true, I would think the pandemic would be the perfect excuse to write down assets or raise capital like many other businesses did, yet the management did none of these. Instead the business held remarkably well given the circumstances and at the same time made a large acquisition (relative to its own size) without asking for a cent from shareholders. I would not give any credit to your claim unless you could substantiate - how NT was a complete shocker, which 2 large projects and why they looked shaky, if as you said they had just started, what you could have possibly looked at make you think they were shaky already? It doesn't make any sense to me tbo. What I see is a solid business with huge tail winds from mining and infrastructure boom after covid, good growth, decent dividend at a very reasonable price, what else could you ask? of course the business is not risk free, which one is? Between this and those loss making BNPLs, I know which I would pick, if only for a good sleep at night. btw other contractors leaving the space is a positive to me, less competition.