DOW 0.88% $5.76 downer edi limited

Looks to me like this half has been the time to take write...

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  1. 1,894 Posts.
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    Looks to me like this half has been the time to take write downs, settle majority-owned Spotless into the group business and focus it.
    So while the headline profit numbers are not good, and the business margins are unreasonably low (generally 3-7% across business segments; I consider contractors need 10-15% given risks and the perennial need to rebid and recontract), the directors are telling us that:
    - underlying profitability growing
    - they stick will full year forecast
    - they indicate they believe it by the continued dividend (up a little if you ignore the reduction in franking from 100% to 50%; down a little in grossed-up terms).

    So my assessment is that business is looking solid (but not yet exciting).
 
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