That DOW immediately expensed the costs associated with the ill-fated Activate consortium and won't buy rail infrastructure, especially in a small town of only 270,000, mainly Federal public servants who use expensed public sector cars at any rate, at any price due to rail: Vic, NSW and Queensland states being a significant portion of its portfolio.
The expensed nature of the bid costs $10 million is less than expected and they expensed it early.
ASX understood the play and issued a price query and the company straight batted it with comments re the Morgan Stanley upgrade from a sell to a conviction buy.
The market did not follow the play, does not understand the Keolis-Downer rail JV.
Morgan Stanley does and is obviously better informed than the market which is clueless.
Should go back beyond $3.50 2morrow, if can't really have a lot of downside given that they have reiterated guidance as in the ANN.
Ann: Capital Metro Bid Costs, page-7
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