Sorry to see you go, Plough. In a way, I can't blame you. EPC in...

Sorry to see you go, Plough. In a way, I can't blame you. EPC in IC is a tough business, but it does help to have Israel Govt behind FLC bear some of the sovereign risks and put pressure on the Central Govt to play ball. This is a 30 year contract and within that 30 years, there would be some political dislocation (change of govts) etc. On its own, I wouldn't have invested into RWL. I believe there is a good chance Customised Engineering Solutions (CES) segment of FLC's will be matched by SPS in terms of profitability (not revenue) in 5 years' time, or at least attain a 60-40 split.

Hence, I wouldn't exit FLC just yet. MABR is too significant a change to be ignored especially in China. The use of membranes not as a filter, but a biofilm, cuts down electricity cost from aeration by 80%. Because of this change to its adoption as a biofilm, the decentralization model of waste water treatment stands a big chance of moving mainstream. Aspiral in China stands a good chance of winning because of modularity, its small footprint, and we haven't even discussed on the potential of SUBRE and the retrofit market yet (For the past few years, I have going back to my ancestral home in China, and believe me, the contamination of water tables because of years of neglect in its treatment of waste water is causing water wars between villages.)

I wouldn't repeat what relax1 has written in the other threads. He has sufficiently explained the potential with the emergence of the 3G Group.

All the best to you.