The asset care business is the big show, imo. We've just moved through the highest cost inflation environment in a generation, they have multi-year AM contracts, if there was a time for margins to get crushed in the AM business this was it and yet margins stayed rock solid. If there is going to be a re-rate it's because the AM business grows large enough that the market acknowledges it and moves it out of the construction and mining services cyclicals bucket.
Reminds me a bit of UGL and their facilities management business, DTZ, about 10 years ago.
SRG, page-24
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