instos exiting has decimated the sp to a ridiculous level. there...

instos exiting has decimated the sp to a ridiculous level. there is some concern about debt levels (staying within covenants + i think term debt is repayable in 2010) and the slowing economy having an effect on projects. having said that, they have won a lot of recent work, state govt's are spending on infrastructure (helped by Rudd's bailout package) and the Railcorp contract could see a fair chunk of debt reduced in a couple of years. they appear to have some very strong businesses and offshore growth, but there still needs to be some margin improvement to help unsaddle some debt and reverse market sentiment. great long term opportunity here i believe.