Ann: NRW confirms MACA (MLD) approach, page-23

Bit disappointing with the early action falling away. Not all broker's and analysts get it right and some recent viewing of Auzbiz with some so called experts did little to increase my faith (not NRW but another share). They follow so many stocks often their research is narrow. However those who do a thorough research have more credence. I wouldn't argue with Mcquarie but margins are generally better and should keep improving with easing of labor available we hope. As far as I know commodities are popular even with an impending recession and the lithium and EV mineral space (and potash) gives more room for expansion outside the more traditional commodities. Infrastructure spend should continue although this might stall if the new Govt decides to pay down debt. No reason for dividends not to rise also. Cash could be used for a smaller add on or even an expansion of Primero. Failing that there's always a buyback should the SP fall back again. The only problem with the MACA issue is Theiss might upset NRW on their own turf (not that MACA wasn't) but Theiss have big backer's in CIMIC and Hochtief so hope they don't crash margins for work volumes. Cimic had their own issues prior to being taken over fully by Hochtief. I still have confidence in NRW to do well at least in the next 2-3 years but cycles are inevitable. GLTA