For the record, I do see them as one-offs. The SIBT issue has...

For the record, I do see them as one-offs. The SIBT issue has resulted in existing contracts being replaced with JV structures with the partner universities, which is a good outcome for NVT and substantially reduces the risk of another SIBT issue. This announcement is a smaller issue and is a consequence of government tender, which as a tax payer, seems like a fair way to conduct the government's affairs.

All I'm saying is that the equity market is typically not the most patient place and "three years of almost no EBITDA growth" for a stock on NVT's multiple in a sector that has had an ugly few years just doesn't look good. Hence, I'm not overly surprised with the rather brutal reaction today.