Flying Under The Radar, page-21

If I can throw something into this discussion on projections.

Mining services companies do well when it is more efficient, in terms of capital allocation, for miners to contract out services rather than have them in-house. This is particularly the case for large mining houses who have the balance sheet to allow that, whereas smaller companies do not. Vysarn has successfully targeted majors like Fortescue, BHP, Rio & Roy Hill which are currently all raking in cash & getting returns on capital in excess of 20%. It makes sense for them to contract out any support services that don't give them an equivalent return. But as the iron ore price returns to more typical levels and their returns decline, it will get to the point where they will be able to get a better return from bringing services such as dewatering in-house. The simplicity of Vysarn's business is attractive at the moment but it also means that the barrier to entry (or bringing in-house) are low.

I agree Vysarn's growth prospects are good for the next couple of years while stimulus spending keeps the iron ore price high, but the longer term projections of multi-bags are a stretch imo.