turned the corner?, page-16

Well there is a valuation comparison for COF. Cardno has aquired ATC Associates at an EV/EBITDA of 6.6, where as COF currently trades on an EV/EBITDA of 4.

There is no doubt differences in the businesses and ATC appears to have higher margins (EBITDA margin of 12% compared to Coffeys 7%). It does however provide a theoretical valuation point if COF can restore margins. In fact I could argue COF would be worth a higher multiplier due to its significantly larger revenue stream that ATC.