I have read the PwC attached report.It was prepared on 19 May...

I have read the PwC attached report.

It was prepared on 19 May 2022. Perhaps today (when ASX fell heavily) means there'll be some concerns as to whether APE is paying its Director too much for these Canberra operations, although PwC suggests its report uses conservative valuations.

Against that, the new Federal Labor Government claims it will reduce expenditure, but if we look at states like Victoria and Queensland, Labor is disastrous with managing money. It's therefore possible that Labor will continue to empire build, locate even more public servants in Canberra as it demonises consultants, and hence somewhat 'support' the local Canberran economy even though property prices in much of the rest of Oz (especially Sydney and Melbourne) are tending to decline, especially if residential.

APE plays the long game so on balance I trust it to produce a reasonably accretive result for SH. Whether this can occur if supply chain problems moderate and hence margins (as discussed by PwC) deteriorate is a question I cannot answer.