sp, page-17

Dealt with COF for many years up to several years ago, and the Australian offices were very professional, not sure if things have changed.

Maybe should have waited a bit longer, but took a small position recently to see if
(a) the 98c fib level holds, and
(b) the US recovery is what it is, and
(c) COF can manage to stem the down trend in revenues

LendLease reporting shows US construction sector was decimated in 2010, this needs to pick up. Emerging markets is where work should be flowing in from, as long as prices are affordable to them. I think multinationals would see a two tiered revenue structure for OECD countries (inflated) versus the relatively immature emerging market services (lower).

It is the proliferation of technical information that will kill co.s like Coffey if they stick to traditional methods. There might still be a price to be paid for outright skill and quality service - 3D and 4D project management is where it is at now, not next year. So the level of IT in Coffey would be the telltale.

Below 95c would not be a good thing. The large unfilled gap at $1.80 would be an optimistic target unless things improve globally. Might be waiting until the end of Feb to see what happens - above $1.15 is relative safety.

It needs to break out of the down trend first ... otherwise COF will see 55c if 75c doesn't hold it up.