Ann: 1HFY23 Investor Presentation, page-12

Hi hfrench.
Sell Lycopodium if you want to. I am not even close to selling. On a fundamental valuation I would be buying lots more except I already own a lot and dont want my portfolio to be unbalanced.
There appears to have been a structural shift upwards in Lycopodium's earnings. The company has a pristine balance sheet. The leadership is conservative thereby reducing risk.
Its easy to see why the share price is flying and easy to see that continuing.
The only big question for me is how much of the earnings increase is structural and how much is cyclical. Last mining boom the earnings were driven by a much narrower iron ore focussed uptick. This time it seems to be more balanced across a range of commodities and geographic areas. So hopefully the earnings hold up better during the next downturn than they did 8 to 10 years ago. But for now there is a lot to like.