i don't think you can paint the entire constuctution industry woes with the same brush. Consider these 5 points concerning BSR 1) It is a much smaller player than the big 3 and has no middle east exposure that is hurting the likes of M&R. It can almost be considered niche. A 1Bn rand order for Aveng will not wow the shareholders, but a 1bn rand order for BSR is 10% of its order book! 2) BSR boasts an order book of R10bn - that is significantly up from last year's results. OK 60-70% of this is government, who has no money and could cancel the contracts, but even if 30% of the contracts are cancelled, that still puts them on a par with last year. 3) BSR's most profitable division, mining, has almost doubled its order book 4) BSR still has to incorporate its TWP aquisition, so there is a potential surprise package (admittedly both ways!) 5) BSR makes a statement in its results that around R3bn of work is allocated to its divisions through its sustainable development initiatives. This R3bn is not reflected in the order book. What htis means however, is not clear, and is now the subject of my analysis.
