Ann: Cardno Provides Market Update and FY16 Guidance, page-158

Agree with all the comments here, some friendly mainly philosophical dispute with you though Mr Theologist. I hope the turnaround comes in a year but certainly won't be selling if it doesn't.
Acquisitions in a bouyant market was the growth model for CDD, they certainly paid too much but this is so common. With respect I think calling PPI the tip of the iceberg is a bit emotive, I suspect the previous CEO was more disciplined and left at an opportune time for him knowing things were slowing down.
How much do you guys think it can earn, I get annoyed with the EBITDA manure they try to feed shareholders. I have no faith in "strategic reviews". I have to presume we are looking at around $30m NPAT (before abnormals) for FY 2016, I think getting utilisation up will be possible and am hoping for early signs of this but think 2017 is more likely for a recovery.
I have a deeply cynical view of the corporate structure in general (fully justified in theory and in practice) if the donkeys in charge can reduce costs without damaging the business I will be happy. They are the coach and they chose the team so they are responsible for it's performance. This analogy falls over because sports and business are so different.
Most times businesses get in trouble doing stupid things when they should do nothing, where Soccer, Aussie Rules and Rugby are actually hard and need skill to win every game. The other big factor for businesses is the weather, most people when buying companies confuse a head wind for incompetent coach.
On second thought maybe a good analogy, never could be perfect.