You haven't missed much. The main thing holding it back is their outstanding tender on the NBN contract. Given BSA's strong performance across most/all of the benchmarked variables, they're in a strong position to not only retain the contract but be awarded a greater share of the work from NBN. Although, they'll need to be allocated more work to stand still given they've decided to partner with UGL on the retender. But I think there's a decent chance the outcome is a net positive for BSA.
Key milestones are interim div, NBN contract award, exercise of options, special div, UGL takeover.
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