I really like Cardno
Always have appreciated their resolve in growing the business, and continually outperforming the market.
I have only one thing to add to this conversation; QBE.
The model Cardno pursue is almost identical, and problems may come in revaluing (impairing) the carrying value of the underperforming companies they acquired.
I'm still a holder!! but tbh the spectre of QBE is making me concerned.