Chart, page-3845

Within 3 years, we would be able to see whether the management has the hallmarks to take FLC to its fullest potential.

The water space is not for everyone. It's awfully conservative. The industry takes a long time to show proof of concept and accept the claims of the product. For eg, in an interview with Eytan, he shared that it took EMC took almost 8 years and $40m thereabouts, just to get MABR to the commercial stage.

The moat is incredibly wide. But once the products can meet what it has promised, the product will stay in the mainstream until the "next big thing" comes along. One analyst in Singapore where I am based said that MABR is the next edition of membrane technology after MBR and she thinks it will be the last. I am not so sure that what she said is true because the technologic march cannot be stopped. But the point is this, every breakthrough has a long gestation period before it's birthed.

Once birthed, it will rewarding to stay invested till the full cycle to start of commercialisation to commoditisation is played out. That could take 5 to 10 years, depending on the pace of technological innovation.

As usual, just sharing my opinion. Best to DYOR.