Good value at $1?, page-27

Rubbish.

Their "$180M" accommodation village asset is in Gladstone. The major LNG work in Gladstone is finished. There is no other major work in the region now or in the pipeline for the next 5 years. So, if the accommodation village isn't currently making a profit because their occupancy is below break even levels (despite how efficient they may be running the place), who in their right mind would buy it?

How is their "capital structure" going to assist the fact that they wont reach their $450M target?
Do you mean by burning up their cash reserves? Doesn't that devalue company value and ultimately SP?

If they are moving into the public space "aggressively", your estimate of a 2-3% drop in margin is grossly underestimated. Companies highly experienced in the delivery of public infrastructure are losing money in this sector, Seymour Whyte is a recent example.

PS - If you need a lesson in historical performance and its relevance to current performance, look up Forge.