Ann: Appendix 4D and Financial Reports to 31 December 2022, page-3

Point well made and confounding to me!

I wish ECL would just invest any surplus funds in an index fund rather than that agglomeration of managed funds whereby they are lining the pockets of those fund managers.

That valuation you have referred to (an EBIT multiple of about 3.5) is interesting when I compare it to another small cyclical mining services company who you may also be familiar with - XRF.

Both XRF and ECL grew Profit Before Tax by between 40% and 50% in their 1H23 results.

If we were to annualise XRF's recent 1H23 result and extrapolate it to 2H23 - it might produce FY23 EBIT of about $11.4m, It's market capitalisation is about $144m and it has net cash of about $3m ie. EV of about $141m.

ECL : EV/EBIT approx 3.5
XRF : EV/EBIT approx 12

Quite a discrepancy on face value.