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I also hope you're wrong and I'm right, but who knows... you might very well be right. But

Another interpretation of your charts could be that given the great growth MND has in its engineering/construction businesses, it could have learnt and develop systems and structure, business contacts/reputation, establish its competitive and financial position, dig its roots further into the soil so that when the rain is over, it could maintain itself for a while yet... and in the mean time expand to where the rain is.

To see the massive growth from a super cycle then conclude that like a desert flower it will whither and die after... that might be true, might be very true for some businesses and MND could be one of that... BUT... what if MND or companies similar to it capitalise on that growth and further enhance itself?

Say a new graduate... been living off Austudy... so income low and first couple of years after graduation still better but not that great. Then the graduate got lucky, his company is booming and he's promoted, took further training, given more responsibilities... basically doing very very well for a decade.

Then the company slows down, can't afford him or most of his colleague.

From looking at the company or its sector, can we conclude that that one time graduate who got lucky will now go back to middle management somewhere or back to his Austudy days?

Depends right? He could leverage the skills and experience, the savings he had earned while time was great... use that and got his way into another sector or build his own business etc. etc.

I'm not saying that this is how MND is or will be... but it's not impossible.

The chances might be zero or slim... but as far as the future goes, I'd bet on a strong business whose management has proven to be very able in its project as well as capital and acquisition management. It might be worthwhile to put capital into business like that and let the able management do what they have been proven quite capable of doing. They might fail but then all businesses could fail, even ones in the most lucrative and booming industry.