good times ahead

There was a good Criterion article about UGL in Friday's Australian. It basically gave a positive wrap, noting:

1.The share has been on much higher price earning ratios and obviously disappointed with its profit downgrade.
2. It is now on a PE ratio of 11 in line with the market and has an attractive 6.5% dividend.
3. The article claimed that the valuation does not reflect the value of the company's property/DTZ operations.
4. It also said the valuation does not reflect improvements in LNG, iron ore and rolling stock outlooks.

I note the share price is at a three and a half year low, so it does appear rather low on that basis. UGL has been wise to diversify its operations, as the engineering outlook has been clearly softer.