BRI - General Discussion, page-36

And from the chart you posted, you can observe just how much of an outlier at the industry level the covid era was. I just think pinning hopes on those covid metrics as a "return to normal" or anything other than a once in a lifetime boom that has now passed is flat out wrong. And so, if you just accept that "normal" mid-cycle NPAT margins would be unlikely to get above 3% then we're talking about a business that might do $13.5m in NPAT on $450m in revenue in a couple of years. Given its size, the fact it is a small cap cyclical construction co and that lack of free float, I think 10-14x earnings at that point would be about right and would be about where it's traded historically. Which doesn't really leave much upside from here on earnings that are yet to present themselves.