Thoughts on Southern Cross Electrical Engineering (SXE)
Looking for your thoughts on SXE with its picks and shovel play to the data centre thematic. It's been on my watch list for some 6 months or so and have continually watched it grind higher on contract wins. Is the stock simply too expensive at these levels noting that its 5 year average PE is around 10x vs current 12mth trailing PE of ~18x. Construction services businesses low margins have always been a concerning factor on entering players like this and Worley for mine.