the name change was due to corporate activity. I held Leighton's a number of times in the past and I am currently watching it now as CIMIC for another buy in. The issue that happened at the same time as their Middle East write down was an accounting standard called "factoring" this allowed CIMIC to misrepresent cash flows in a favourable way and when this was brought to light coupled with the write downs it caused a massive fall in the share price. Personally, if the analyses is correct then a stock of this size ($8b+) with a decent pipeline of work that is trading at 9-10 x earnings and likely to resume what will equate to 5% yields sounds very cheap.There is a write up of the Factoring in todays AFR https://www.copyright link/markets/equity-markets/how-a-hk-market-sleuth-blew-the-lid-on-cimic-20200216-p5417m
CIM Price at posting:
$27.73 Sentiment: Buy Disclosure: Not Held
