Bullish Sign? - Bounced off 200 EMA, page-2528

And sake of Downer’s mining division said to be going ahead too :

https://www.copyright link/street-t...on-worth-up-to-732m-macquarie-20181127-h18ekt
“Street Talk
Downer's in-play mining division worth up to $732m: Macquarie
By Sarah Thompson and Anthony MacdonaldUpdated 29 Nov 2018 — 12:34 PM, first published at 28 Nov 2018 — 12:15 AM
As companies and bankers run around trying to finalise deals before the summer break, one on the radar is Downer EDI Ltd's mining services unit.

Downer has been in talks with a potential suitor - as Street Talk reported - and while it is hard to predict where the talks land, or when, shareholders and analysts are watching closely.

Macquarie analysts put down a valuation marker on Thursday morning.

The analysts said it valued the mining contracting arm at $666 million to $732 million, or 10 to 11-times earnings before interest and tax.

The unit represents 11 per cent of Downer's likely earnings in the 2019 financial year, Macquarie said, and returned 8.6 per cent on funds employed which was lower than the wider group average (11.5 per cent).

Strategically DOW is moving down services path per SPO acquisition," Macquarie told clients.

"Mining provides good growth in FY19 reflecting recent contract wins and solid volume growth (we forecast $67m EBIT in FY19e, +32% on pcp).

"However, Mining is a highly capital intensive and cyclical business vs more stable and free-cash flow generative Services business."

Macquarie said divestment proceeds could be used fund a buyback - and a 10 per cent buyback would be 6 per cent accretive on an earnings per share basis.”