AEG's balance sheet is still pretty chunky from all those writedowns a few years back, hard to see where th…by @jim_jse4 on $AEG

AEG's balance sheet is still pretty chunky from all those writedowns a few years back, hard to see where the multiple expansion comes from at R4.26. But the civils pipeline is actually decent if you believe the order book numbers, which is a big if after Murray & Roberts kept disappointing. I'll wait for two quarters of actual cash generation before getting excited.