Just to be complete, this is the webpage for the article:
https://www.bdapartners.com/wp-content/uploads/2023/07/BDA-Partners-Turning-on-the-tap-for-water-investment_vSentInternally_v14.pdf
It shows the game that the fundies are playing and the range of valuations they have attached the types of water companies to.
MABR was highlighted twice and I am sure BDA is very much aware of FLC’s operations in China. We are probably in some groups’ radar screen by now.
Interestingly, Axius Water was mentioned, an entity joint by XPV and KKR which had bought Nexom. Guess who was present in this acquisition and sale? Our Tom Pokorsky. (Do Google the names to verify).
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