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BE's avatar

Many thanks for sharing your analysis, great to see how the growth can be explained by a combination of price, volume, and margin improvement! I became quite interested in the company, but two concerns hold me back from investing.

1) How do you judge the risk contained in the equity investments, only in Q1 2024 the posted USD 10.9mio profit? But that profit can also turn into a loss and increase the cylcal risk in a downturn.

2) Any idea where the large local demand over the last 10yrs did come from? Was it mainly coming from public projects and is there any chance to estimate the pipeline for the next years? Were there some large projects in the area that might be finished in the next years and could cause lower demand in the future?

Would highly apricated your thoughts on these two points!

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Vincent Roy's avatar

Great-write up. I have been a shareholder for 5 years (I suspect we both learned about this company through OTC adventure blogpost) so I have been the lucky beneficiary of their great operating performance. I made the mistake of cutting my position in half at the beginning of the pandemic... live and learn.

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