Ann: Market Update, page-10

"not supposed to catch falling knifes, but what an opportunity... been waiting a while to take a long term position"

It's a business that has averaged around $80m pa in Free Cash Flow, and has never not generated positive Free Cash Flows, during years both good and bad.

For those with the ability to look past current events, and who believe that this company will in 2 or 3 years' time still be doing what it has always done - i.e, building and maintaining big industrial facilities - the market is today offering to that cash flow stream for an asking Enterprise Value of around $750m, so a double-digit FCF Yield on EV.

Those sorts of valuation metrics are not a common occurrence for this company.
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