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We sense some scepticism in the market regarding the opportunity for Petrofac's to replicate the massive order intake achieved during 2009 and its scope to execute additional mega-contracts.
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It's a massive order.
Carillion said: "The pace of new order intake has slowed in the second half.
Warren East, the chief executive, said the company's order intake had been good.
Although order intake has been quieter, margin momentum remains positive (up 40 basis points).
"This is the highest order intake since 2007," he said.
Our lead indicators, however, are positive and after a slow order intake at the start of the year, the prospects are encouraging heading into the spring.
Hence, we think value has returned to Petrofac and with a strong OEC order intake in excess of $6bn year to date this value appears underpinned.
Near term, worries over the order intake and modest progression beyond services will mean there are likely to be better buying opportunities.
They had so much in common - tennis, suntans, obsessive hydration, massive carb intake.
High immigration is only beneficial to multinationals, banks and big business, seeking a larger market while everyday Australians suffer from this massive intake.
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