So we're on the eve of an industry downturn; a precarious position for any investor in a cyclical business such as this. Valemus has benefitted mightily from the government's stimulus spending and our fear is that today's buyer might be paying up for yesteryear's government-assisted revenue.
Float investors are relying on BIS Shrapnel's expectation of a pick-up in private demand to offset decreasing public spending over the coming few years. We're all hoping for that to happen; it's what last year's Keynesian "pump priming" was all about. But if it fails to materialise, Valemus' share price will be vulnerable.