IS DCG HEADING FOR A TAKEOVER?, page-14

If we see the touted pick up in C&E projects, market consolidation and improved margins that Decmil suggest, there's a lot of upside to be had. But the history of this sector shows that earnings can collapse if work dries up (or fails to eventuate as expected), and margins contract. Combined with shrinking market multiples the outcome can be brutal for shareholders.

Nevertheless, under a reasonable set of assumptions you can make the case for value. The difficulty for me is that there are a wide range of possible outcomes.

Have added some notes and a valuation to ***.com (https://***.com/member/company/forecasts/DCG)