Bright future

The combination of a roll up strategy in a fragmented sector with a growing pipeline of work across Australia (refer to slide 15 and 16 of the latest Cimic investor presentation)

http://www.asx.com.au/asxpdf/20160210/pdf/434yfrlbckjgb3.pdf

OTC appears very cheap at these prices e.g. just looking at the surveying business at $10m ebitda, a multiple of only 6 (which for me doesn't do the potential growth justice) would give an EV of $60m less net debt of ~$5m gives $55m equity value or $0.21 at the very least.

This doesn't give any value to the construction business either.