Check out this article consolidation in the A/E industry:
http://money.cnn.com/news/newsfeeds/articles/newstex/IBD-0001-17973024.htm
This is an excellent example of the great minds of Wall Street not knowing what's going on in the real world.
Wall Street bases the entire market for A/E firms on the ENR 500. In doing so, they are missing 30% of the fees generated in the design market - not to mention many firms. They measure the revenue of the publicly held "biggies", apparently based on their gross revenues (which in many cases includes the build in design-build) to measure market share of what amounts to a reduced total market. Thus the basis for their analysis is pretty well out to lunch.
Until next time,
Bruce Lynch, Publishing Director
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