Ann: Cardno appoints Chief Executive Officer, page-23

Yes that’s a fair point but you have to be realistic this is a short duration contract business , front end design work with limited forward visibility. It’s not like CIMIC and DOW where you have locked in contracts for a large proportion of your revenue. Yet it trades on a premium to these much larger cap businesses . So even if the US business recovers your already paying for that recovery. Any earnings forecasts beyond FY18 are just based on assumptions around margin expansion and not based on anything tangible. I think it is investment grade but not at this price which is the basis of my sell.

Everyone is being conditioned to believe the US turnaround story and to me that is a very crowded trade on what is a one trick pony investment thesis