much less than expectation, page-11

Anyone thinking of buying/holding DOW should read this first:

http://rogermontgomery.com/major-downer/

"unfortunately, the view is that business is soft, and is likely to get even softer."

"Downer’s core business not only went backwards, but did so at a rate of knots. Unless it can find another large acquisition (and fast), we believe 2016 may be the point where the small decline this year, really does snowball."

"It is increasingly apparent that Downer has entered a period of negative momentum which will be very difficult to halt."

"... despite a tough few years in resources and engineering, the next year could be an awful lot harder for the entire sector."