Good article here that talks about how markets don’t react is a...

Good article here that talks about how markets don’t react is a continuous way to risks and opportunities as they evolve.

https://foragerfunds.com/news/jumbo-risks-all-but-forgotten/

Reminds me again that one if the reasons share prices seem crazy at times is that risks that are forgotten about for a while suddenly get priced in as if they are definitely going to happen, triggered by a fairly minor event. Like FAL - when NRW got the contract, it was a game changer but the market reaction implied it was risky (and there is risk in these big projects). However at some point the market got over that and we had some fairly sudden moves north. Recently the TBMs halting brought te risks into everyone’s minds and the market started to treat the project as a defínite major problem.

Same goes for the new work in the tender book - at the moment it is not being priced in, but a decent win at an IO sustaining project and the market may suddenly price in the fact that NRW will win lots more work in the next few years!