Last thing is the margins trend is getting worse, and the margin trend is very bad. For the whole of the US business, trend is from H1 14 to H2 15, was 6.4%, 6.8%, 5.5%, 5%, and now guidance suggests to me in total for US about 4% at this stage, as the stuff external to shipbuilding in USA subtracts from margins there.
Follow that trend and returns get very low, and the margin of safety is not there.
All this is by my sums, and I could have stuffed something up - so DROM. DYOR
JP Morgan confirmed BUY $1.96 today, page-8
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