Ann: Surveying Operational Update, page-11

I spent a few hours a few days ago looking at this company with a view to investing in it.
My conclusion was to not buy shares.

For, while the macroeconomic tailwinds for this company's various businesses will be strong for the coming years, given projections for significant increases in infrastructure spending in Australia, I don't get the sense that the company's IP (i.e., its technical staff) is very durable or "sticky".

There is quite a lot of precedent for the revenue-generating professionals that sit in people-intensive service businesses having most pricing power and a high propensity during boom times to disengage in order to offer their services elsewhere.

I am also wary when I see aggressive acquisition strategies undertaken to plug earnings holes.

Great macro story, but I can't get comfortable enough with the robustness of the business itself.