Cam, have I told you that I wish I were working for you? so much...

Cam, have I told you that I wish I were working for you? so much I'd love to study from your spreadsheet and investment papers...

anyway, I love your approach in assessing ALQ and did a little case study trying similar approach on MND. (sorry that I'm not posting it on the MND page, as I wanted a conversation with you.)

With a -15% revenue growth to its Engineering Construction for FY 14, 10% to Maintenance, 20% to Infrastructure, and 29.4 mil in the corporate elimination line (in line with FY 2008, also with a possibility of restructuring and laying-off cost), I got a revenue of 2084. assuming a 10% EBITDA margin maintained, that's EBITDA 208.4. EV / EBITDA multiple could range from 6 to 7, I reckon, looking at it's historical valuation, and that is a price range of approximately 16 to 18.

with their strong net cash position through its records, I assume Debt is not a major concern.

With a prioirty of capital safety first, 16.5 might be a BUY for me...

Now all these are rather back-of-envelop. really need to read through the last 5 FY's presentations at least to get better idea. personally enjoyed the excercise and would love to hear more from you...

Thanks a lot.