Paterson, page-7

It could be a catch, but I think a change of senior management is required to reach $4 any time soon a 10 year tenure for an MD is a long time for any company in his day and age. The current one and what's left of his senior management team (check the corporate directors 3 out of 4 business unit CEO's have departed in the past 12 months) seem to rely on investors not remembering deliverables they were given. When I'm buying on potential I put a great deal on weight on the track record of the management teams tracks record on setting deliverables and delivering upon them.

A for example of this one FY EBIT target is $100m based on their half year reporting, remembering they downgraded by $25m about 6 weeks before they did their HY reporting. In a cash flow business like theirs they would know the run rate of cash flow week to week so if they fall short after a sizable HY downgrade without updating the market I'd be questioning why.

@bobbyben I wouldn't be factoring in much of the $75bn in infrastructure hitting their books either, look at where their maintenance work comes from and you'll see it's schools, and other state government sources, not federal where the money is being spent.