News: CDD Cardno Sees Fy21 EBITDA In Range Of $40 Million To $45 Million, page-21

I suspect crescent would be considering a TO with the EV at 3 x EBITDA. Earnings will recover under Biden in the US, and they'll get 8 to 10x EBITDA for it in a couple of years. For whatever reason this is really out of favour ATM. I hope they don't TO, as I do think the segment is ready to have some great years. The markets are fearful the republicans could maintain hold of the senate and stymie stimulus perhaps, and then all these plans go nowhere. But this seems to be well factored in.