BYL could run, but not soon, IMO. One would need to know some facts to build a bottom-up valuation, which I for one have not done in recent times. A difference between BYL and NSW, but not the only difference, is that NWH has for years been a well run company, and it substantially came unstuck via one less-than-ideal customer, Samsung - a black-swan event that one can forgive, and from which NWH can recover.
BYL has not been as well run, as its NPAT margin over many years shows. Its high administration costs suggest there is fat there that was not trimmed for years. BYL's recent black-swan event, the loss on the North West Coastal Highway contract, was occasioned by a BYL-made quoting mistake, not by any delinquency on the customer's part. BYL has the potential to be turned around by the new CEO, but it will take time to see the fruits of his stewardship.
Also, I have failed to see any evidence of a positive contribution from the Chairman, Dalton Gooding. He might be too busy to focus on BYL. Apart from being the chairman of West Coast Eagles, he is a principal in the accounting firm Gooding Partners, and Wikipedia lists the following twenty five board positions that he holds:
Anatolia Energy Ltd ........ Board Member
Brierty Limited ........ Chairman
Avita Medical Ltd ........ Chairman
Crosby Tiles ........ Board Member
Dental Manufacturing SPA (Italy) ........ Board Member
Elkington Bishop Molineaux Pty Limited ........ Board Member
