Equity ValuationThe equity component is so depressed that successful execution on de-leverage and extraordinary transactions might lead to significant performance.
Macroeconomic EnvironmentDespite a challenging macroeconomic environment and a weak financial structure, the company is executing in line with expectations.
Sector PerformanceDespite some weakness in Trencher, the company is executing in line or better than expectations, with supportive trends in Energy and Rail.