RE:More on the CIBC target revisionDear Jacob is using 4.5 x EBITDA for construction which I contest because: 1) The average 10-year multiple was 5.7x ; 2) we are in an era of substantial investments in infrastructure with same players so there is a supply demand shift suporting increasing profit margins that justifies a higher multiple., 3) we are getting into collaborative models with client support so as to protect our profit margins.