O&G manufacturer at ~2.6 EV/Ebit, 100% upside?

1/3 market cap in net cash raised at 2x the valuation in May 2025

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Credit to Archetype Capital for finding this. He thinks the upside is to 5 to 6 EV/Ebit.

Credit also to the Shell process engineer who talked me through this. I drew some comfort from the fact that he could tell me off the cuff which street the company’s Singapore facility was in, despite having been retired for ~ 10 years.

Behind the paywall is a note that includes some points from that call - we try to explain in lay terms what the business is and what appears to be working. Any errors are my own. Please do your own DD as this is not comprehensive research nor financial advice.