Ann: Full Year Results - Investor Presentation, page-40

Interesting thoughts. Just for the record, BOL does not have any tower cranes and no exposure at all to housing. Also, the pipeline for wind farm projects over the next 3 years is significantly higher than what has occurred in the last few years. Be careful anchoring to share price moves. Would have been an expensive mistake to sell key BOL peer, EHL, when it doubled from (given its been a ten bagger). Same for Ausdrill and many other mining service companies. Undervaluation, trough margins plus improving momentum is a powerful combination. These behavioural shortcomings provide attractive opportunities for these cyclical companies, once momentum has turned as happened for BOL in 2h17. The real skill in cyclical companies is holding on as long as possible, even once returns have "normalised".