XavierX2, The CEO at the last AGM indicated trading margins...

XavierX2,

The CEO at the last AGM indicated trading margins after corporate costs of 4-5%. See the following extract from his speech:

"The Engineering business is expected to achieve revenue of around $2.4 billion in the 2015 financial year, currently sold at around 90 per cent. With the cost reduction programme completed in 2014, we expect to achieve normalised trading margins of 4-5% after corporate costs in the 2015 financial year."

This margin, if realised, implies a significant higher NPT than your estimate... but you will have to overlook the project cost over-run announced today as 'one-off'!!

Having a large proportion of revenue being recurrent in nature should also be positive for the valuation.