Ann: Refinancing and Market Update-BOL.AX, page-9

I think we are seeing some institutional accumulation ahead of their results. They have ticked a box for many by sorting our their financing - they are no longer beholden to the bank and a debt reduction treadmill. Management can now fully focus on the business.

The upside for BOL is probably as much centered on the uptick in new infrastructure projects in NSW and Vic as it is on a bottoming out of the mining sector and indeed some growth in gold.

Trick for management now is to rebuild their EBITDA margins from the current 8%. They may never again attain the low to mid 30%'s they saw a few years ago, but one would think a EBITDA margin in the low to mid 20%'s is within reach - that would see a near tripling of EBITDA.