I had a look at this last night again. Forget EV and SP for a...

I had a look at this last night again. Forget EV and SP for a second, just looking at the fundamentals it seems to have a fairly strong base. I haven't looked into the full details of the recent contracts won, I know there is some speculation of contract value, but this will come out in the wash when the next few rounds of figures come out, however, this is committed work for a fixed tenure, and a company to be able to successfully bid and win work like this to me demonstrates a level of organisational maturity and governance around their business development activities. We aren't talking mining spec operations here, we're talking open market, and a team that's already proven to be able to penetrate it. Underrated on many fronts.

This is just one view of this company, but from my experience and I've seen in the past, this is a strong enough signal in its own right for me, then queue other factors... some of which you have eluded to in your original post.

I'll be buying in this week.