Great achievements

I had a look at this company, for the first time, 2 years ago.
At that time, the stock had a free cash flow yield of 7.8 %.
I did not buy it, as I felt that it was too cyclical, depending mainly on the utilisation rate of their drilling rigs.
Some people, like @db9260 and @LeeKing told me that it was worth looking at their diversifications, but I had no idea how to assess them.

2 years later, the story is quite different, as the company has achieved in line with their plans and succeeded with their diversifications, while regularly increasing the earnings of their historical business.
So, it is not a surprise to see that the stock had a major increase, going from around 10 c to 25 c now.
At the same time, it is worth noting that their valuation is similar, with a free cash flow yield of 7 % now (H1 24 annualised) vs 7.8 % 2 years ago.
So, the increase of the share price is not so much due to a re-rating of the stock, but more due to its ability to increase its profit during that period.

It is also worth mentioning that H1 24 free cash flow was due to a large increase of Capex (+ 200 %) for future growth.
If we just look at the maintenance Capex (estimated at 4 m$/year for the 12 rigs), Vysarn has a free cash flow yield more around 12 %.

Even if the stock has already done quite well, there may be more upside due to 2 elements :
- company's ability to increase its earning potential, via acquisitions (cf success of Project Engineering acquisition) and organically (launch of an asset management business in Oct 23),
- possible re-rating, as the company is getting less cyclical and capital intensive thanks to the new businesses.

2 main questions probably to answer about this company :
- how stable is their original business (Pentium Hydro) ?
This is still, by far, their main source of earnings (80 %+ of profit before tax),
- what's the potential for their other divisions ?

Vysarn is probably still under the radar for a lot of investors (market cap of only 102 m $) and could benefit from a better visibility thanks to their presentation at ASX small cap conference on 27/3/24.
I don't think they have done many of this kind of presentations so far.