Much of this is already reported to market.
The debt has been repaid, 20m cost savings achieved (10m benefit this year).
The Australian business is still profitable, the U.S we are looking at only 6.2m EBITDA for the full year.
I haven't managed to split out the loss from PPI, the company has reported that income from this business is down 40m from last year and that they have "flexed the cost base" in response.
I think when you split out PPI, Caminosca, takeover defence, ATC loss, redundancy costs and legal costs (for Caminosca) you will see a business that supports the directors valuation of $1 per share.
I don't think further impairments are neccessary but confirm this for yourself.
As to what happens in future, no-one knows. Closing the loss making operations is all I hope for from the management.
In fact I think they should carry the loss on PPI for a year as the U.S tight oil industry is set for a major turnaround in the next 12 months.
Then what's left is mainly a civil, infrastructure, environmental and development assistance consultancy. Environmental often means coal and oil and gas, cleaning up the messes. Without entering into the morality of it in my view these areas are not set for a substantial further decline.
Shipping off to India is not needed here, no more restructuring either. While it's possible there's lots of room for miscommunication and error. I think it would compromise the work done for clients.
I want to see them stuck to their knitting from here, buyback shares and wait for "organic" growth in what is I believe an excellent business (weighed down by recent bad aquisitions).
It's good that Germans are into detail. I say to you that if you have a bulletproof idea of what the company will earn, a long term view and didn't pay too much then you haven't "lost" money. You can just wait it out.
If however you paid $8 per share you have lost money.
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