Outperform - Macquarie, page-16

I dont really understand what you are trying to say to be honest. NIC produces NPI in the main, yet you appear to be saying that the thing which the company produces is not a primary factor in your analysis? Everything the company does hinges on the thing it produces. It worth a considerable amount of analysis so you can understand the LT trend as well as timing of your investment.

Super majors make bad business decisions all the time. I've lost count of these projects within BHP. Indeed, it has yet to fully grapple with the idea of the energy transition and how the company can pivot to it toymaker the most of it. It's tied down by the old world mantra of traditional industrial metals and instead is focussing on copper and nickel, rather than lithium, graphite and rare earths to name a few. This has given rise to the LYCs and IGOs to name a couple. This is despite the multi generational movement towards materials associated with the energy transition. Selling its O&G was a sensible first step, but it's a classic example of inaction and poor strategic execution. I mention it because super majors make mistakes.

Likewise, NIC and its partners can make errors. Whilst growth is good, timing is also important. You could say the capital structure of NIC reflects mgmt confidence however my view is that they have been too hasty. It going to be a 1-2rs before we see any meaningful benefits from the last 12mths. They should be prioritising costs and bringing down debt at this time. This is a high inflationary environment with low growth. It's almost as though NIC feel obligated to do a deal when Tsingshan present it to them and I feel like NIC is now an alternative financing arm and entity that is willing to take the assets that Tsingshan doesn't really want.