Up 217.2%, page-170

The multiple is currently steep compared to drilling/ traditional cap heavy peers. But reasons for that includes:

1) VYS has shown significant growth (CAGR EBITDA 48.3% over last 4 years while minimial dilution)

2) VYS has shown their business is more defensive (production and water thematic with reach expanding past mining) and not as cyclical as their peers.

3) VYS has shown to have high quality management that are heavily invested (25%+ ownership amongst management). They have shown an ability to execute (starting a high class consultancy organically plus buying ProEng (managed aquifer recharge) for $2.6m which just delivered NPBT of over $4m in its first full year of ownership).

4) New growth initiative in water ownership (see slides 7-10 of their latest investor update) could completely transform the business in terms of profit and also the income coming from an annuity style model. If they can execute here, there will likely be a significant re-rating of the stock despite that profit being a couple of years away. IMO it will give the business a completely new profile and it can potentially be a business of national significance.