Ann: H1 FY24 Results Presentation, page-15

Guys
this one is not as bad as some may think. The secret to making money is all about the structure of the contracts and margins . I had good chat to company recently and the new contracts and tenders are performing very well . In addition to this Homeground utilisation as at the level already where they are making solid EBIT which will improve as more and more projects commence around Gladstone.
the potential with JVing with larger well captalised partners is also a potential tail wind. I think margin improvement will continue with fewer shocks due to the nature of the contracts being executed over last 12-18 months

I think there is a window here where the stock can string a couple of good quarters that may result in a strong rerate. Taken a moderate position at 16.5 and 17c

Homeground asset did receive reasonable bids and that is a little bit of an insulator . Same May view is and not saleable but I think if can be offloaded quickly in the 25-35m range in need