As the years pass by, it is increasingly clear to em that this...

As the years pass by, it is increasingly clear to em that this company is morphing away from the acutely cyclical (and risky) business of building of new stuff, to the more annuity-type of business that involves the maintaining of the pool of stuff that has already been built.

Which is why I have the view that, while it will always be a company whose earnings are cyclical, in the cycles that lie ahead MND's earnings will demonstrate:

1. reduced peak-to-trough amplitude, and
2. higher successive troughs and peaks

The only pity is that the stock appears to me to be fully valued at the minute.