I am definitely going to follow you on that and be a solo contractor, the big consultancies have little value-add and I have skills they don't have.
I think your interpretation of their business is valuable as you are close to it, in short I agree with your impression of the business but think your $100m impairment is not a level-headed assessment f the prospects in relation to the price.
The ID margins reflects the fact that they are using independent contractors who are in a position to demand a bigger piece of the pie. That's interesting what you say about small projects, I think it's spot on - I don't think any of the big consultancies can compete with sole traders for these little jobs. That explains why they focus on the bigger projects.
This might be the best explanation as to what happened to Cardno's Australian business - yet, less than a 5% EBITDA margin?
CDD Price at posting:
34.0¢ Sentiment: Sell Disclosure: Held
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