Watpac is being valued by the market at the value of its debt...

Watpac is being valued by the market at the value of its debt free property holdings, about $100m.

The business also with zero net debt with a $1.5b turnover and now with a world player as major shareholder is valued at zero.

If the company is considering a share buy back well now is the time.

If the GFC taught anyone anything it is that companies with no debt pressure come back the fastest. In the business they are in contracts will now not be signed by prospective clients unless the builder is deemed financially viable.

Watpac fit this requirement so expect more contract wins and at gradually improving margins.