Sure, happy to contribute.
Initial attraction is the global water crisis and inherent massive addressable market.
FLCs products match the need, therefore an opportunity to exploit.
MABR/SUBRE tech appears to be good.
Merger of the Israeli tech and engineering/construction business makes sense.
Management appear credible. Irving, I like. Charrabe seems driven.
China opportunity is clearly key, and big but not simple. Relationships are critical. Customs and nuances very important.
The space is ultra competitive.
Global distribution via agents is better than your own workforce, but comes with its own risks and lack of control.
NIROBOX doesn't thrill me (no barrier) but with good contracts and efficient delivery probably makes sense.
CES I don't like. Big lumpy contracts regularly blow up. And you don't have to be in a remote 3rd world country for that to happen.
CES with MABR components seems interesting.
Debt in a contracting business is bad (will be at stupid rates too).
Ivory Coast is a pain in the neck. Numbers look great but it's not an attractive business, risk adjusted. If it's signed up, built to plan , on time, on budget...great. It's not why I'm there. I thought it was dumb to put completion targets on the record when it's out of their control.
So obviously from that you can see from me it's not a table thumping, high conviction investment. But it does have a very large opportunity to exploit and seems to be gaining traction in the most important market.
Price target? Don't have one. From a fundamental perspective you're kidding yourself if you can value this.
My thesis is around top line revenue growth. I am laser focused on that metric alone. If I sell it will be because that has failed to maintain an accelerating trend. And top line revenue growth, to be clear, is MABR, not CES.
There's a bunch of other stuff but that's the basic opinion from me.
cheers
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