I think the Morgan's call is that there is some concern that the...

I think the Morgan's call is that there is some concern that the new minority QLD ALP Government may bring a halt to infrastructure spending in the short term. I have found that Morgans are generally positive on SWL - ever since they were involved in the initial float (I don't work for Morgans).

What I find ironic is that investors hit the exit button on SWL when the LNP came to power in this state in 2012, fearing that SWL's close relationship with the outgoing ALP Government would mean fewer contracts awarded in the years to come. And here we are seeing weakness following the 2015 poll and yet we are reverting back to an ALP Government. Figure that out!

The other point is that work is being generated in NSW where infrastructure spending is on the rise, and the incumbent Government looks set to be re-elected.

All-in-all, although we will see a weak 1H2015, the outlook is strong into FY2016. IMO we will see a re-rating around August of this year.