AECOM Technology's (ACM) stock price has underperformed the S&P 500 year to date and has declined 17% since the beginning of August. The main culprit was the company's Australian business, which saw a steep decline thanks to the slowdown in the mining industry. While the decline in Australian revenue and the company's restructuring efforts in the country are expected to continue in FY2014, Australia as a percentage of net revenues has shrunk to just 7% of the company's net service revenues (NSR) making it less important to the company's overall story. Sans Australia, the company posted NSR growth of 2% in Q4. Wall Street analysts are missing forest for the trees as they remain overly...
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