Dungiven, All your thoughts could well be on the money. I...

Dungiven,
All your thoughts could well be on the money. I question one aspect of your logic and believe it is material.
You indicate that FLC has or should trade at 2.5x revenue.
Ron Lauder sold RWL for much less than this. With most of the revenue being construction related from RWL, what multiple should it trade at. Monadelphous is by far the most expensive stock with construction activities on the Australian market (and >50% recurring maintenance revenue) and it trades at <0.8x revenue. DYOR on what other construction companies trade at, much lower than Monadelphous.
Is the stock too expensive still for fund managers to buy? Fund manager buying is needed for the stock to deliver.
Clearly todays announcment is positive and has strategic value, but being only 2-3 CMABR units, a lot more of these are needed in much bigger size.