"As consensus is forecasting margins to hold at around 6%...

"As consensus is forecasting margins to hold at around 6% through FY19 the broker envisages earnings risk is significantly skewed to the upside."

That is the very reason that I first bought the stock.
They have generated 10% EBIT margins historically, on Revenues similar to current levels.

While I don't expect anything near 10% to be reported anytime soon, even if they get margins half way between where they are now (~5%) and 10%, so say to 7%, that extra 200bp of margin uplift on $4.0bn of Revenue translates into incremental EBIT of $80m.

And $80m, compared to current annualised EBIT of some $250m, is a meaningful 30% increase in underlying profitability. If they get to 8% margin, the % increase is ~50%.

Which I am sure is exactly the way Dar Group is seeing the situation, and which is what I suspect prompted them to make mover on WOR.

My concern is that Dar Group ends up gaining control of the WOR business without any takeover premium being paid to shareholders. Because I am not convinced that the WOR board is astute enough, or adequately-advised, to prevent it.

And I certainly don't believe the WOR board has unqualified support from the company's major shareholders.

This all means that the company is very vulnerable right now.