Ann: Notice of Investor Briefing and Presentation, page-8

Thank you @smalldog there are some key takeaways from that interview which convey to me that this stock is quite a growth story. Those keys are :- 1. that their penetration of their overseas markets is very much still in its infancy from both a volume and product perspective 2. their processes are largely protected by global patents 3. commodity prices seem irrelevant as a percentage of their operations 4. there are large barriers to entry for competitors. 5. some of these keys add up to building a reasonable moat for themselves.

The whole of the interview revolved around nothing but further growth - not only organically but with the use of acquisitions funded by strong free cashflow. I will say it again - it's hard to see why the SP languishes. The company is not only 100% ESG themselves but is assisting other industry need to meet suggested ESG targets. They are also into research and development of further and better processes while making a profit. How can they be out of favour?
Maybe it looks so good that it is hard to believe. I do see that there is reason to be somewhat cautious about how the integration of acquisitions plays out and how the accounts look after a period of consolidation but it does look as though they are on the cusp. Undervalued.