It is pretty clear that MEL is undervalued compared to other CSG...

It is pretty clear that MEL is undervalued compared to other CSG companies, not by a few percentage points, but by a wide margin, even if you take into account that valuations have now come down somewhat compared to 2 years ago. This has been repeated multiple times by various people on HC. The question is, why? The only two reasons I have heard are that MEL is in NSW and MEL's flow rates are not as good as some of the others'. But that just doesn't seem a good enough explanation for such a wide value gap, even without the conventional gas. So is there something else known to potential investors but not to the posters here? Or is it just a case of the market getting it wrong, pure and simple?