Consensus community valuation
Average Intrinsic Value
Undervalued by
The consensus valuation is for members only and has been removed from this chart. Click for membership options.
Contributing Members
Content is delayed by one month. Upgrade your membership to unlock all content. Click for membership options.
#CEO Meeting
Added 2 months ago

I really like Jason -- seems to have a clear idea of where the key strengths of the business lie, and has really helped drive profitable growth since he took over 3 years ago. A no-nonsense guy and a straight talker.

Honestly, I think I'm going to add some EGL to my portfolio on that basis alone.

Here are some highlights from today's meeting:

  • EGL has transitioned from a traditional engineering company to one focused on maintenance and services, with over 50% of revenue now coming from recurring service work.
  • The different divisions of EGL, including Baltec (gas turbines), Tomlinson (boilers), TAPC (air pollution control), and EGL Waste, are highly complementary and provide integrated solutions for clients. There really do seem to be genuine cross-sell opportunities. For example, EGL Waste brings together service lines like recycling plants, dust extraction, odour control, boilers, and combustion technologies, allowing EGL to offer end-to-end solutions in the waste industry.
  • The waste industry in Australia is undergoing significant change, with a ban on waste exports and a requirement to increase recycling rates by 17% in the next 6 years. This is driving $5 billion in spending on new waste treatment plants, presenting a major opportunity for EGL (the largest player in this space)
  • Baltec has developed world-leading IP for gas turbine silencers suitable for peaking load operation, as the energy market shifts towards renewables supported by gas peaking plants. This positions Baltec for strong growth over the next 20-30 years.
  • The exclusive distribution agreement with Fulton, a global leader in boilers, is expected to drive significant growth in the Tomlinson division without adding fixed costs, directly benefiting the bottom line. Jason really hit this point several times -- it sounded like a very significant opportunity.
  • The PFAS water treatment technology is seen as a potential game-changer, with strong interest from clients and a large addressable market, particularly in the treatment of contaminated biosolids.
  • Jason emphasized the importance of balancing engineering excellence with commercial discipline, focusing on margin expansion rather than just top-line growth (love it!!)
  • EGL has significantly improved margins across its divisions by instilling a strong commercial mindset and implementing rigorous project review processes.
  • The company is taking a disciplined approach to growth, focusing on organic opportunities and strategic partnerships that enhance existing capabilities, rather than pursuing acquisitions simply for the sake of growth.
  • He mentioned the growth they had achieved without "one red cent" of capex:
  • Turmec, Kadant PAAL, and Fulton - were secured without EGL putting in any capital, yet they hve been instrumental in growing the business from $35 million in turnover to nearly $100 million.
  • He also pointed out that they are still in the early stages of realizing the benefits from the Kadant PAAL and Fulton deals, suggesting significant growth potential ahead without the need for capital investment.

That last part alone gave me a sense he is a very savvy operator. And, to cap it all off, he's a massive shareholder and has a base salary of $270k (pretty ordinary for the CEO of a $100m listed company.)

Read More
#Fulton Distribution Agreement
Added 2 months ago

13-May-2024: EGL-Secures-New-National-Distribution-Agreement.PDF



Bottom left to top right. Tick.

Solid company, good management, profitable, growing, small enough to be underappreciated and underpriced by the market. Tick.

Disclosure: I hold EGL shares both here and in my largest real money portfolio.

More here: EGL - The Environmental Group Limited - Strawman: ASX share price, valuation, research and discussion

Their website: Home - The Environmental Group Limited

Their website has had an overdue makeover. Not bad.

Read More
#Substantial Holders
Last edited 3 months ago

02-May-2024: Two new "Subs" notices today, from Challenger and Greencape Capital, but Greencape is considered a controlled entity of Challenger (which is why Greencape Capital appears on the second page of Appendix 2 of Challenger's notice - the first link below) so it's the same 5.01% position, not two different ones:



They have been moving above and below 5% of EGL for a while now...


They became Subs (with 5.53%) last year at the end of August then sold down to either 0% or close to 0% by my calculations (as 20,253,269 EGL shares was around 5.42% of EGL's shares on issue at that time) in March (12th) this year and now they're back in with 5.01% (18,724,807 EGL shares) as from 30-April-2024.

The other subs there are Jason Dixon (JALIE 2), their CEO, and Ellis & Denise Richardson who were the founders and vendors of Baltec IES which was acquired by EGL some years back, and the Richardsons received EGL shares as part of that acquisition. Harley Grosser's Capital H Management is the largest shareholder there with 10.4%, just ahead of the 10.38% held by the Richardsons, which I'm assuming is the same 10.38%, not two lots of 10.38%, as it is common for mirror notices to be lodged for the same holding, such as the mirror notice lodged today by Challenger because Greencape is considered a controlled entity of Challenger.

EGL was down half a cent (or -1.82%) today however that was on just 12 trades which all together added up to just under $11.3K - only 42,014 EGL shares changed hands today. So not a lot of liquidity with this one. Market cap of just $102m, so a real microcap. However, I'm an EGL shareholder both here and in my largest real money portfolio, and doing well with EGL so far. I'm happy with the company's progress - Jason and Paul have certainly turned it around and got everyone focused on locking in recurring revenue maintenance contracts with everything they sell, whenever they can, and they also appear to be focusing on maintaining decent margins so being more choosy with targeting certain types of work to chase and avoiding low margin or zero-margin work. One of the reasons this business performed so poorly in prior years (before Jason Dixon and Paul Gaskett came over to run it) is that they weren't sufficiently focused on margins and they often lost money on contracts.

The Turmec agency doesn't seem to have generated much work for them since they took it on, but it is relatively low margin work anyway - I think the Turmec agency is a 2% clip-the-ticket on all Turmec sales into Australia, but there are supposed to be cross-selling opportunities that come with these state-of-the-art recycling plants that Turmec specialises in. When they sell some.

Meanwhile most of the other divisions appear to be firing for EGL, except for EGL Water, which is just passed the proof-of-concept stage really, in terms of PFAS removal, well, it's been commercialised but people aren't exactly bashing their door down to get hold of that tech just yet. I regard EGL Water as the Powerball upside - nice if it happens but my investment thesis isn't factoring it in. Yet. The rest of the divisions are travelling OK, and showing margin improvements for the most part, as we've commented on here before when analysing their H1 results. This is one where I'm backing the management, based on what they achieved at TOX (Tox-Free Solutions, bought by Cleanaway), and on the interview that Andrew had with Jason a couple of years back where he impressed me in terms of knowing the business well even though he had only been there a relatively short time. He was also saying the things I wanted to hear in terms of his focus and priorities, so I paid attention and then did further research and then bought some.

Anyway, gone past midnight, got to grab some ZZZs now.

Read More
#FY2024 H1 Results
Last edited 5 months ago

21-Feb-2024: EGL Reported today after the market had closed - no presentation yet - just this: Half-Yearly-Report-and-Accounts.PDF

Here's page 1:


I've added the green and blue bits - it was all strictly black and white. Nice to see margin improvement as they scale.

You can see some revenue splits between their various divisions on pages 17 and 18 (note 3, "Operating Segments") - good to see that level of detail actually. [link to EGL's H1 FY24 report is at the top of this straw]

They are still a young and small company but so far, so good. They also released the following announcement two days ago (19-Feb-2024): EGL-Kadant-PAAL-Agency-Agreement.PDF

If you hold them (I do) or follow them, you'd know they have the Australian agency agreement with Irish company Turmec, the global leaders in large scale waste recycling plant technology (conveyors, sorting machines, etc). EGL have now added a similar agency agreement with Kadant PAAL for the sale of world leading Baling solutions in Australia and New Zealand.

Kadant PAAL has 150 years of experience, designing and installing more than 32,000 machines, and their reputation is built on robust construction combined with cutting design and technology.

EGL's CEO, Jason Dixon, sees the collaboration as a tremendous opportunity to partner with the leading European baler manufacturer, a region long acknowledged for its technological prowess in the Australian waste market. The exclusive agreement not only enables Kadant PAAL to enhance its global sales, but also solidifies EGL's position in the waste industry. Offering a complete range of services and technologies, including waste processing, air and odour control, servicing and spares, along with PFAS separation, EGL is well-equipped to provide environmental benefits to the community and deliver strong returns for its shareholders.

The Agency Agreement provides for:

  • Territory exclusivity across Australia and New Zealand
  • Success based sales commission.
  • Sale of spare parts.
  • Servicing and repairs of equipment.

The initial period of the agreement is for two years with the intention of the parties to build a long-term partnership. The agreement commenced on 19 February 2024.  

Here's an interesting observation from the last page of that announcement - they state they have 4 business units, and then they describe 5:


Somebody must have had their mittens on that day. I think it may have been like that since they spun EGL Water out into a separate business unit. EGL's website suggests they have 6 business units or subsidiaries:


However that would have been updated just after the "Airtight Solutions" acquisition, and Airtight is now part of TAPC (Total Air Pollution Control), so that's back to 5 business units again. Their final page "About EGL" section in their announcements does need to be updated to reflect "five" not "four" business units. (As shown above, second image up), but you can get these little omissions or small errors with regard to minor details with microcap companies.

The main thing is they have a decent business that provides solutions to problems that need to be solved, and they are kicking goals. Steady progress, profitable, growing, good management. All ticks. Minor details like the number of business units or subsidiaries they have isn't a thesis-breaker.

So yeah, happy to be holding this one. EGL closed today (Wednesday) at 28 cps, up +2 cents or +7.69%, so not a bad day. And then they released this report at 8:03pm. Let's see if they hold on to today's gains tomorrow (Thursday). I reckon they should, and might even go up a bit more.

Read More
Valuation of $0.370
Added 5 months ago

25-Nov-2022: I'll make this one brief. 37 cents per share within 5 years (i.e. by November 2027), but ideally I'd like to see them trading at those levels or above within three (so by November 2025). I think they can, and I think they probably will. I am an EGL shareholder both here on SM and in real life as well.

I've articulated some of what I like about the company (and part of the investment thesis) in various straws I have posted here.

Friday 09-June-2023: "Stale" is it?!? Well, OK then. Nah, Yeah! All good. Reactivated. Still holding this one. Still like it a lot. 37 cps by November 2027 - Sure! Yep! ...and then some!


Wednesday 21st February 2024: Update: Marked as stale. All good. No change to my target price. They reported today: Half-Yearly-Report-and-Accounts.PDF and released the following two days ago: EGL-Kadant-PAAL-Agency-Agreement.PDF - no problems with any of that. All good. Onwards and upwards. Still Holding.

Read More
#Business Model/Strategy
Last edited 9 months ago



The Environmental Group (EGL) is a top 10 position for me both here on and in real life. EGL did move higher within my top 10 list during recent months (in August and September) because their share price got up to between 26 and 28 cps, and while it did drop back to 22 cps at the end of October (and finished Friday at 21.5 cps) - they’re still in my top 10 (both here and IRL) in terms of market value of the respective positions. 

EGL are a microcap company – their market cap is currently just $82 million – so their SP will move up on positive announcements and drift lower when there’s no news coz some people will sell out and move on, looking for the next hot stock. They had a very good FY23 full year report in August, hence their SP rise, and there hasn’t been any price sensitive news from them since then, so they’ve retraced as a number of people who jumped on them in August have jumped back off again.

cfada41c03a38deab305b3a3c64fba4c7ff263.png 27a7894034dbda6e682dbeac090e795e228123.png

I first became interested in EGL when they appointed Jason Dixon as their new CEO in Feb, 2021. Jason and EGL’s National Sales and Marketing Manager, Paul Gaskett, were instrumental in building up Tox Free Solutions which was acquired by Cleanaway (CWY) in 2018 for an Enterprise Value of $831m.  Tox Free was at that time one of Australia’s leading Waste Management and Environmental Solutions companies with over 1,500 staff and an annual turnover of approximately $500m. You can read more about Jason here: EGL: 08-Feb-2021: Appointment of CEO – Mr Jason Dixon.

And more on both of them here:


Also, Jason Dixon has done two interviews with Andrew here on, which you can find here: Strawman: Meetings with company CEO's

[Those meeting dates were 19th of June, 2023, and way back on October 8th, 2021, about the fourth meeting in, when the whole "CEO Meetings" idea first kicked off here.]

Jason and Paul had the Australian agency agreement for Turmec, an Irish company that is the global leader in state-of-the-art waste recycling plants, and they bought that agency with them and incorporated it into the EGL Business when they joined EGL. This came about because Turmec repatriated all of their Irish employees who were working in Australia back to Ireland when Covid-19 started to become a serious issue in 2020, and Turmec wanted people they could trust to be their Australian agents for all new Turmec business and also for ongoing consumables sales and service to their existing Australian customers. My understanding is that Turmec knew Jason and Paul from Tox Free and were happy to award that agency agreement to them (to be their agents here in Australia). However, while the Turmec agency is an important part, it is only one part of the EGL Business.


Turmec sits within EGL Waste Services, referred to in their recent presentations as EGL Waste, whose main activities involve the design, construction, commissioning, and maintenance of waste treatment plants, specialising in waste recycling plants where Turmec are the world leaders.  EGL Waste also do a lot of Air Control systems, especially dust control, which is where TAPC and Airtight Solutions get involved (see below).


EGL also have Baltec IES (Inlet & Exhaust Systems) which provides a broad range of products and services to the gas turbine power industry to reduce emissions and noise, and to improve efficiency, such as gas turbine inlet filtration systems (filter houses), inlet cooling/fogging systems, acoustical components, expansion joints and complete exhaust systems with guillotine and diverter dampers. 

Then there is Total Air Pollution Control (TAPC), Australia’s largest full-service air pollution control company, headquartered in Wollongong, NSW, with branches in Perth, Sydney, Melbourne, Brisbane, Singapore and Manila.  TAPC supplies a complete range of products and services for the removal of pollutants from industrial gas and air streams, installing, maintaining and repairing a vast range of industrial air pollution control devices. TAPC serves more than 100 industry groups across Australia, New Zealand, South-East Asia and the Pacific.

EGL’s most recent acquisition was a company called Airtight Solutions, which has now been combined with TAPC (see above) to form EGL Clean Air, but is currently listed on their website as a separate business unit. This acquisition has expanded their market share, added new customers (which allows for cross-selling of their other services), and enhanced their product range in Air Filtration, Purification and Air Pollution Control systems.

Next is Tomlinson Energy Service, which EGL are now calling EGL Energy (in their latest presentations), which was the old Tomlinson business that was part of RCR Tomlinson before Paul Dalgleish blew up RCR by driving it in a new direction they knew very little (or clearly not enough) about – Solar Farm Construction. EGL bought the Tomlinson business very cheaply from the RCR Administrators and it has been providing baseline recurring revenue for EGL ever since via regular scheduled maintenance of industrial Steam Boilers, large commercial Hot Water Heaters and Boilers, Thermal Oil Heaters, Package Burners and Biomass Steam and Hot Water Generators – throughout Australia – which they also supply, install and commission. 


One thing that Jason and Paul have brought to EGL is a focus on parcelling ongoing maintenance contracts with their design, supply and install contracts wherever they can, across all of their business units, because they understand the value of baseline recurring revenue. Tomlinson were always doing this, but EGL now do this across their other divisions also.

Finally, there is EGL Water, which is about removing dangerous and/or harmful contaminants from water, and their main focus has been on PFAS removal. PFAS, or per- and polyfluoroalkyl substances, is a group of over 4000 chemicals. Some PFAS are very effective at resisting heat, stains, grease and water, making them useful chemicals for a range of applications including:

  • Stain and water protection for carpets, fabric, furniture and apparel;
  • Paper coating (including for some food packaging);
  • Metal plating (including Teflon coatings on frypans, saucepans and other cookware);
  • Photographic materials;
  • Aviation hydraulic fluid;
  • Cosmetics and sunscreens; and
  • Medical devices.

Because they are heat resistant and film-forming in water, some PFAS have also been used as very effective ingredients in fire-fighting foams.

In Australia, the historical use of PFAS in fire-fighting foams has resulted in increased levels being detected at sites like airports, Defence bases, and other sites where fire-fighting training has been conducted (which has prompted some recent payouts and also money has been allocated by the government for future payments to people who were exposed to PFAS through fire-fighting foam use on Australian Defence Force bases), or where fire suppression systems are installed for extinguishing liquid-fuel fires.  Increased environmental levels of PFAS have also been found near some industrial areas, effluent outfalls and landfill sites.

Unfortunately, the properties that make some PFAS useful in many industrial applications and particularly in fire-fighting foams, also make them problematic in the environment. The PFAS of greatest concern are highly mobile in water, which means they travel long distances from their source-point;  they do not fully break down naturally in the environment;  and they are toxic to a range of animals.

While understanding about the human health effects of long-term PFAS exposure is still developing, there is global concern about the persistence and mobility of these chemicals in the environment. Many countries have discontinued, or are progressively phasing out, their use. The Australian Government has worked since 2002 to reduce the use of certain PFAS.


See also:  and:

EGL have their own dedicated website for their EGL Water division:

That site provides links to other sites (such as the Australian government site linked to above) where you can find more information about PFAS and what is being done to try to phase out its use, reduce exposure to it, and remove it from contaminated water and soil.

EGL Water have partnered with Victoria University’s Institute for Sustainability and Innovation, which has spent months testing the efficacy of their new pioneering technology.  Researchers have found an 87% reliable reduction in PFAS-contaminated water.  This ground-breaking result signals the technology’s major potential for cost-effectively removing PFAS from the environment.



Here are some links to announcements from EGL this year regarding their EGL Water division:

14-Feb-2023: MOU with 374Water Systems, Inc.

23-Feb-2023: EGL Water - Successful Commercial PFAS Results

08-Jun-2023: EGL Water PFAS Separation Plant Sale

And here’s a link to their August presentation that accompanied their FY23 Full Year Results:

24-Aug-2023: EGL Results Presentation

In that August Presentation (on slide 28) they mention that recent successful class action law suits have highlighted increased awareness and the urgent need to find solutions to remove PFAS contamination in water, soil, landfills, farmland and housing estates.

So there you have it - in no particular order - the 5 businesses within (or divisions of) The Environmental Group (EGL):


EGL is still a relatively small company that the Australian sharemarket is currently valuing as being worth less than $100m in total (currently $82m based on a 21.5 cps SP), and most investors either haven’t heard of them or do not follow them, so they have a long runway of growth ahead of them in my opinion, and the true value of the company is not yet being adequately reflected in their share price - again, in my opinion. 

Also, as their name suggests, what they do is generally positive for our environment. 

I bought our initial (real life) tranche of EGL at 14.5 cps in October 2021, not long after that first CEO meeting that Andrew had here with Jason Dixon, then I added more at 18 cps in December 2021, then more at 20 cps in May this year. Our average price paid has been 16.7 cps. They’ve been as high as 34 cps in Jan, 2022, got back up to 28 cps in September this year, and they finished October at 22 cps. It is my view that even when they were up at 34 cps very briefly in January of last year, they were still not trading anywhere near fair value due to the years of growth they have ahead of them, if they are not acquired (at a decent premium) by a bigger player before then.

And that's without factoring in the "Powerball" nature of their PFAS removal tech within EGL Water, which has an addressable market in the billions. I am currently not expecting too much from that business because I am aware that there are multiple players in that space, and there are no guarantees that EGL's PFAS-removal tech is going to win out and earn them significant market share compared to the other (mostly much bigger) players in that space. EGL have only made one commercial sale of a PFAS-Separation Plant - so far (link above). So I'm certainly hoping for a lot of success from EGL in PFAS removal in future years, but I'm not counting on it.

My bullishness on EGL is really just based on their other 4 divisions - and if EGL Water hits it out of the park then that will be plenty of welcome icing on the cake.

I'm not going to do a heap of graphs of revenue, profits, margins, etc., because this is a business that has relatively new management that is turning the business around (the business had NOT performed well before Jason and Paul joined the company in 2021), and it's still relatively early days in that turnaround, however based on what Jason and Paul did at Tox Free and what I have seen so far with EGL, I'm definitely onboard with this one.












Disclosure: Yes, I do hold EGL shares.

Read More
Valuation of $0.400
Added 12 months ago

A very rough first go at a valuation for The Environmental Group

Assuming 2028 Revenue: $160M (15% CAGR)

GP margin of 25% => 2028 GP: $40M

2028 Opex of $25M => 2028 EBT: $15

340M shares outstanding and a 15 P/EBT => 2028 SP: 0.66

10% discount back to 2023 => 2023 SP: 0.40

Read More
#Another Guidance Upgrade
Added 12 months ago

17-July-2023: FY23-Trading-Update.PDF



Good work guys!! Keep it up!!!

Disclosure: I hold EGL shares both here and IRL.

Read More
#374 Water Systems SPA
Last edited one year ago

30-June-2023: Strategic-Partnership-Agreement-with-374Water-Systems,-Inc.PDF

Strategic Partnership Agreement with 374Water Systems, Inc.

The Environmental Group Limited (ASX:EGL) is pleased to announce that it has executed a Strategic Partnership Agreement (SPA) with 374Water Systems, Inc. (NASDAQ: SCWO) for the exclusive distribution of the AirSCWO technology in Australia and New Zealand. 

374Water Systems (374Water) is a global cleantech and social impact company founded in 2018. 374Water has developed and commercialised the novel AirSCWO™ system – a modular waste slurry destruction technology which destroys all organic compounds including PFAS and other persistent organic compounds. The technology utilises a physical-thermal process powered by water above its critical point (374°C and 221 bar) and air, that yields a highly effective oxidation reaction that completely eliminates organic compounds. At scale, the process generates energy and safe by-products which can be recovered and reused.

The technology has a broad range of applications including the processing of organic waste streams including:

  • Biosolids & biosolid digestate
  • Landfill leachates
  • Commercial & domestic wastes (oils, fats, grease, plastic and food wastes)
  • Liquids, sludges, and slurries contaminated with PFAS, 1,4-Dioxane
  • Spent adsorption media like granulated activated carbon & ion exchange resins
  • Animal and animal processing wastes
  • Persistent organic pollutants.

EGL’s established network in the waste, utilities and industrial sectors provides the opportunity for the rapid uptake of the 374Water technology which will be complimented by EGL’s existing broad service network to provide effective after sales service and support. 

The AirSCWO™ technology successfully processes waste streams in a standalone manner or can be combined with EGL’s PFAS Concentration technology, making it possible to treat vast volumes of PFAS contaminated liquid waste streams and destroy PFAS – Removing the contaminant entirely from the environment.

EGL Chief Executive Officer Jason Dixon said, “We are delighted to announce our strategic partnership with 374Water, marking a significant milestone for EGL. This collaboration allows us to bring the world-class AirSCWO technology to Australia and New Zealand, revolutionising the destruction of organic compounds and addressing critical environmental challenges. With our own PFAS concentration technology, extensive customer base and robust service network, we are confident in the success and positive impact this partnership will achieve.”

374Water Chief Executive Officer Kobe Nagar adds, "Through our strategic partnership with EGL, we're excited to expand AirSCWO technology's reach to Australia and New Zealand, revolutionizing their waste treatment landscape with our innovative solution."

They key terms of the SPA include:

  • EGL is granted the exclusive distribution rights of 374Water’s AirSCWO™ technology within Australia and New Zealand.
  • Provisions for comprehensive training of EGL service technicians in the USA for installing, commissioning, and servicing AirSCWO™ systems operating in Australia and New Zealand by EGL.
  • Opportunities to implement AirSCWO™ technology into EGL PFAS Concentration projects for PFAS destruction.
  • Where requested by 374Water, the provision of Project Services which include project management, design, procurement, construction, installation, commissioning, and maintenance of AirSCWO™ systems within the territories of Australia, New Zealand and Association of Southeast Asian Nations (ASEAN) as well as Pacific Ocean island countries and territories located west of the international date line.
  • 2 years validity with an option to extend by a further 3 years.


Comment: I think this is another smart Strategic Partnership Agreement (SPA) that makes a heap of sense for EGL. And it's well within their wheelhouse, as usual.

Disclosure: I do hold EGL shares, both here and IRL. I note that the EGL SP rose +7.5% (or +1.5 cps) yesterday, and was up another half cent earlier today - although currently flat - at $0.215. Great potential! Looks signifcantly undervalued to me, based on regulatory and other tailwinds, and their market position. Also, as Jason Dixon said here recently (see Company Meetings page), they are virtually recession-proof. Most of their recurring revenue generating business units are anyway. Lots to like. Right place(/space), right time!

Now I wait for the market to catch up...

Read More
Added one year ago

I dont know this company but in reading their reports was struck by a certain deja vu, then i found this on wikipedia...lets hope history doesnt repeat for s/h's

By 2018 the RCR brand had a reputation for delivering high quality mining technologies, innovation and services to both national and international markets and by the end of Financial year 2018 the company had grown to $2Billion in Revenue and was net cash at June 30 2018, having paid down all debt facilities.[31][32][33]

In late July 2018, cost overruns were discovered on a project. At the time the cost overruns were significant however, the company remained in profit and net cash. The Chairman, Roderick Brown, directed RCR into a protracted voluntary suspension for a period of 30 days which was had long term ramifications.[33] The company completed a capital raising of $100 million by Macquarie Bank, paying $12.1M in fees, according to the 2018 Annual Report, and the company resumed normal activities.[34] The Chairman, Roderick Brown and Directors called in Administrators when the Secured Creditors withdrew support for them on November 21, 2018.[34][35] In the final report of the Liquidator, it was determined that the protracted Suspension and the loss of confidence in the Chairman, Roderick Brown and new CEO, Bruce James “had a significant adverse impact on the group and its ability to successfully tender for new projects”.[35]

According to the Administrator's Report, McGrathNicol oversaw “a sale process that involved more than 300 interested parties on an 'accelerated sale process' timeline, seeking bids with minimal conditionality”.[35] The Administrators admitted failure to sell the business as a whole “Ultimately, each bidder who had initially engaged in the 'whole of business' sale process concluded they would not submit final bids”.[35] This was expected due to the accelerated due diligence process that was unsuitable for sale of such a large complex conglomerate as identified by KPMG in “Navigating Complex M&A”.[36]

The Sell Off[edit]

In 2018, RCR Boilers was sold to The Environmental Group Limited

Read More
#PFAS Plant First Sale!
Added one year ago

08-June-2023: EGL-Water-PFAS-Separation-Plant-Sale.PDF



Positive. I hold EGL shares both here and IRL.

I have regarded their EGL Water division as the "powerball" upside that would be great if it happens, but I didn't factor the successful commercialisation of their PFAS separation and removal tech (i.e. EGL Water) as part of my investment thesis. I believed they were a good investment without it. And if it works, at scale, and in an economically viable way, then great! For clarity, they knew what they had worked; the tricky part was getting it to work at scale for a price that would be marketable. Their PFAS tech is good, and unique, however there are alternative PFAS removal technologies being worked on by other companies, so it's far from clear who is going to end up with the lion's share of the market.

The market is of course huge. Here is a recent news article which demonstrates what a problem PFAS has been just on Australian defence sites: Commonwealth settles $132.7 million class action over PFAS contamination across Australia - ABC News [15 May 2023]

See also: Mick Tisbury's 12-year fight to protect firefighters from PFAS toxic foam contamination - ABC News [04 Oct 2022]


Like I said, EGL has plenty of upside aside from their EGL Water division, but this announcement of their first commercial sale of a PFAS Separation Plant (which is what EGL Water is all about) is very positive news.

Read More
#Airtight Solutions Acquisition
Last edited one year ago

18-April-2023: EGL-Acquisition-of-Airtight-and-Capital-Raising.PDF

Plus: EGL-Investor-Presentation---Acquisition-of-Airtight--Raise.PDF

EGL to acquire Airtight Solutions funded through a $8.0 million institutional placement 


  • EGL to acquire leading Australian air pollution services provider Airtight Pty Ltd (“Airtight”) for $7.0 million plus up to $5.0 million earnout based on FY24 earnings [The earnout payable will be equal to the amount by which Airtight’s FY24; EBITDA (calculated on a pre-AASB 16 basis, noting that cash rent is expected to be $0.3 million) exceeds $1.35 million, multiplied by 5, up to a maximum of $5.0 million];
  • Acquisition represents a major expansion of EGL’s presence in the air pollution control market;
  • Airtight focuses on smaller low-risk projects with recurring cash flow in the light industrials sector, diversifying EGL’s revenue and expanding EGL’s client base;
  • Revenue synergies from cross-selling with EGL’s TAPC and Waste Services divisions, and the opportunity to grow service revenue through Tomlinson personnel and experience;
  • Highly experienced and capable leadership team and excellent cultural fit;
  • Acquisition of Airtight is expected to be more than 15% EPS accretive to EGL shareholders on forecast FY24 pro forma earnings (before any synergies);
  • EGL will undertake an equity capital raising of up to $9.0 million, comprising a placement to raise $8.0 million (“Placement”) and a subsequent Share Purchase Plan to raise up to a further $1.0 million (“SPP”); and
  • Proceeds from the Placement and SPP will be used to support the acquisition and growth of Airtight.

Strategic Acquisition and Capital Raising

The Environmental Group Limited (ASX: EGL) today announced that it has signed a binding agreement to acquire 100% of the shares in Airtight for $7.0 million plus earnout. Airtight is a leading Australian air pollution services provider in the mid-tier market. Airtight was established in 2002 and operates under the name Airtight Solutions. 

Background on Airtight

Airtight is one of the largest specialist air pollution control companies operating in Australia, with an extensive track record and a focus on reliability, premium service and safety. Established in 2002, Airtight was formed by senior air pollution control engineers who recognised a gap in the mid-tier market for air pollution control in Australia.

The key divisions include:

  • Dust & Fume Control – specialises in designing, installing and maintaining air pollution control equipment;
  • Engineered Solutions – offers engineering resources required to deliver pollution control projects;
  • Aftercare Servicing – offers preventative maintenance & servicing packages; and
  • Waste-to-Energy – offers extensive range of waste reduction technologies.

Airtight serves several key client industries including automotive, agriculture, manufacturing, joinery, metal & polishing, food & pharmaceutical, paper & printing and recycling & waste recovery.

Airtight is headquartered in Wetherill Park, NSW and operates in Sydney, Melbourne and Brisbane. Airtight has approximately 40 staff across these offices.

Strategic rationale

The acquisition represents a major expansion of EGL’s presence in the air pollution control market.

  • The acquisition expands EGL’s solutions offering to include small and medium size airborne dust collection solutions and associated services and products;
  • The acquisition captures sections of the market outside of TAPC’s existing target network, as well as providing industry diversification;
  • Significant cross-sell opportunities with EGL’s TAPC and Waste Services divisions, plus opportunity to leverage Tomlinson personnel/experience to grow EGL’s service offering; and
  • Airtight’s management team is highly experienced and culturally aligned to EGL, and is expected to add significant depth to EGL’s operations.

EGL’s Chief Executive Officer Jason Dixon (who has been interviewed here on Strawman by Andrew - see Meetings and scroll all the way down to Friday October 8, 2021, 12-2pm AEST) said: “Airtight represents a unique opportunity for EGL to expand significantly in the air pollution control market. Having high quality staff with great reputation in the market, Airtight’s strength lies within its focus on the lighter industrials market, which complements TAPC’s heavy industrials sector focus.”

“The acquisition will provide EGL with greater diversity in its business and service offerings, broadening our customer base and further improve the consistency of cash flow.”

See EGL-Acquisition-of-Airtight-and-Capital-Raising.PDF for the remainder of this announcement, which includes the Transaction Summary, Financial Impact, Placement details, SPP details, and the indicative timetable for all of that.

Sounds like a good fit to me. I hold EGL shares both here on SM and IRL, since shortly after that 2021 interview with Jason Dixon here.











Read More
#H1 FY2023 Results & PFAS News
Last edited one year ago

24-Feb-2023: I'm off this morning to the Eyre Peninsula for a few days, so probably won't be active on SM during that time, so while I will add my usual Friday arvo/evening "CEO Insights" and "ASX Equity Reports" forum posts - they will be a few days late this time, like Sunday night or Monday perhaps.

But before I go, I note that nobody has commented on EGL's Results that were released yesterday (23-Feb-2023). I thought they were pretty good. And the PFAS update was too - EGL-Water---Successful-Commercial-PFAS-Results.PDF

Results: Half-Yearly-Report-and-Accounts.PDF

Presso: 1HF FY23 Results Investor Presentation

Maybe not many people here hold EGL - their CEO, Jason Dixon, did a Meeting with us last year (or was it the year before?) but it's here on the Meetings page - one of the earlier ones I reckon, and I bought shares in them the following week.

Pretty good little company!

Worth a look for those who like this sort of thing.


The market liked the results, coz EGL closed up +7.14%, which is up 1.5cps to 22.5cps. This company's market cap is still under $70m, so they're a microcap, but they have a lot of growing ahead of them in my opinion.


Edit: I've just fixed one of the links - which went to a MAQ presso instead of the EGL presso. Fixed now. Have a great weekend everyone!

Read More
#MOU with 374Water Systems
Added one year ago

14-Feb-2023: EGL-MOU-with-374Water-Systems,-Inc.PDF

Sounds positive!




Disclosure: I hold EGL shares both here and IRL. PFAS elimination from water and other liquids, and also from soil and other solids, is going to become very important over the next few years, IMO.

Read More
#PFAS competition risk
Last edited 2 years ago

One aspect of EGL that I have thought was quite exciting from a future revenue perspective was their PFAS treatment solution that they have been developing, and are just beginning to commercialise. However, it looks like they aren't as far ahead of the competiion as I had previously thought. I just noticed an announcement from SciDev (SDV) that they signed (22/12/22) an aggreement with Cleanaway to Build Own and Operate a water treatment plant to primarily treat PFAS, but also reduce TDS from a site in QLD. They say they are reducing TDS without reverse osmosis or membrane filtration so I am guessing they must be using some kind of chemical flocculant. Not sure if the EGL solution can be customisable or is more a pure PFAS treatment solution. The SciDev on-site build should begin in Feb 23 and run through to the end of CY23 for a minimum value of $2.15m for a fixed, but undisclosed volume of leachate, with revenue upside potential if they can treat a higher volume.

From LinkedIn I saw that they also completed a PFAS treatment late last year using their mobile treatment unit (400KL/day)-

Earlier this month, SciDev completed the treatment of per-and poly-fluoroalkyl substances (PFAS) impacted surface water run-off at the future Woolworths Moorebank Regional Distribution Centre (MoRDC). The future distribution centre, scheduled to open in 2024, is a $175M project being delivered by Richard Crookes Constructions.

 Due to the historical land use at Moorebank, trace PFAS contamination was present in the subgrade throughout the MoRDC Stage 2 Site. Stormwater run-off from rain events became contaminated with PFAS and required capture and treatment to avoid contaminating surrounding rivers/creeks. During the construction of the MoRDC, Moorebank experienced long periods of heavy rain. As a result, on-site water storage was at risk of uncontrolled discharge. To mitigate against this, the water treatment plant (WTP) was mobilised and fully operational within four business days.

 The water treatment plant, with a nameplate capacity of 400 kL/day, treated 14.1ML of surface water run-off and enabled the safe discharge of treated water, meeting strict environmental regulations. The quick mobilisation of the water treatment plant provided a reactive response and maintained the construction program despite heavy rainfalls throughout the construction period. A cost-effective and functional solution to treat what could have been a significant risk to the project.

There is a real demand for a viable and cost effective PFAS treatment option and it looks like SDV is getting the first mover advantage and building a reputation in this space. I am expecting that if they deliver well on the Cleanaway project then Cleanaway are more likely to use them at their other landfill sites. This could remove one potential large customer from EGL's PFAS solution. Likewise, I am aware of a lot of local councils that know they have a PFAS problem and are hungry to implement a viable solution, with cost being less important than outcome. So I think the market is ready and probably is large enough for both companies to be successful in the space, but the margins may not be as high with multiple competitiors bidding on tenders.

Read More
#FY23 Trading Update/AGM Presso
Last edited 2 years ago

24-Nov-2022: FY23-Trading-Update.PDF

Also: FY22 AGM Chairman and CEO Addresses and Presentation

Here's that Trading Update:



That's a decent upgrade, from around +25% up (EBITDA increase) to now expected to be around +35% up (FY23 vs FY22).

That's on the back of excellent growth from their TAPC division, the first of the 5 divisions detailed above and the division that is clearly providing the bulk of their growth. I still regard "EGL Water" as being their "Powerball" upside. If they can succesfully commercialise that PFAS removal tech, as they expect to, the potential upside of that division is truly awe-inspiring, but that is of course a big "if" ! So I don't factor that into my valuation. If it happens, it would be great, but I'm happy to hold shares in the company regardless of whether that PFAS tech goes anywhere or is a flop. To be clear, we know it works, it's just a matter of whether they can roll it out at a cheap enough price point to make it an attractive enough option to sell like hot cakes. Just because something works does not nescesarily mean it will be a commercial success.

They also have the Tomlinson Energy Service (TES) business that looks after (services and repairs) hundreds of boilers around the country year after year, and they also clip the ticket on all Turmec sales in Australia via their 2% commission agreement that is part of their Turmec Agency Agreement for Australia which sits within their EGL Waste Services division. That division focusses on large state-of-the-art recycling plants, and there is a fair amount of cross-selling involved there as well (TES + TAPC).

I hold shares in EGL both here on SM and IRL, and what I like most about them are:

  1. Their core offering is all about cleaning up the environment, removing contaminants (such as PFAS), controlling pollution, making gas turbines more efficient, keeping boilers operating efficiently, developing a "bio/waste to energy" platform, and then there's building and providing consumables to state-of-the-art recycling plants (the Turmec agency agreement). That stuff is not only doing good, i.e. doing the right thing, it's also going to have a lot of tailwinds behind it, including regulatory tailwinds in some cases. There's a switch on. Many people are after clean and green investments. This is definitely one of those. The hint is in the name of the company.
  2. They are not widely followed or well known, and that's often where the most value can often be found, in my experience. The larger companies that everyone is watching tend to be more accurately priced, but companies like EGL, ...not so much.

I think I could also add a third one now, that they tend to underpromise and overdeliver. I like companies that upgrade guidance, rather than downgrade it. The market liked it to. EGL finished the day up +10.53% or up 2c to 21c/share, i.e. back to where they were trading in mid-September (9 weeks ago).


Onwards and Upwards.


The Environmental Group Limited - Home [ ]

Read More
#ASX Announcements
Added 2 years ago

EGL announced its annual results last week.

In essence, revenue was up 22% to $57M, EBITDA up 34% to $4.4M and NPAT was $1.6M. Management had predicted that EBITDA would increase at least 15%, upgrading that to 30% as discussed in my last post. The main drivers for revenue were Tomlinson (boilers, autoclaves and energy services) $27.9, Baltec $19.3M and TAPC $7.9M. The most profitable segments of the 'One EGL' Group were Waste (90% margin) and TAPC (16%). The most anticipated profit driver- EGL Water (PFAS extraction) has yet to contribute. As I have said repeatedly, EGL is an engineering company and should be viewed as such. Margins in engineering are characteristically low. Worley Parsons had a margin of profit of less than 3%.

However, there are several reasons why I continue to hold shares in EGL and why I am still recommending it to members as an investment:

  1. The Company has moved towards an entrepreneur-driven, management-focused business under Jason Dixon while retaining its quality engineering business.
  2. It is rapidly expanding into areas that broaden its environmental credentials and which complement each other. For example, its waste management division (Turmec) has allowed on-selling by other divisions like asbestos detection, dust extraction, boilers, and extraction of water contaminants. EGL receives a 2% commission for the commissioning of new Turmec recycling centers and derives further income from ongoing parts and service contracts.
  3. The interests of management are aligned with shareholders. Jason Dixon (CEO) and Paul Gaskett (National Sales Manager) both have significant shareholdings
  4. EGL Water seems to have technology that may ameliorate or solve a major water and ground contamination problem (PFAS). EGL raised $4.5M in a private share placement last December and has sufficient funds to fabricate more than 10 PFAS Extraction plants. The first plant is soon to be placed into operation. There are orders for 8 or 9 more. It is likely that the technology will be licensed to Turmec. Turmec has a strong presence in Northern Europe. EGL will then derive a loyalty stream that will diversify it from the traditional engineering model. Entrance into the American market is not expected for another year. A lot will depend on the success of these early plants and therein lies the skill and versatility of the engineers at EGL. For that reason, I consider profits from EGL water to be speculative but potentially transformative to the Company.

I retain my prediction of revenue exceeding $100M in 2 years with improving margins, provided that inflation and supply chain problems can be kept under control. The company has shortened its valid pricing times to 30 days for new work but unconstrained inflation and recession are risks for this Company, as for all companies in the engineering and manufacturing sector.

disc: I own shares

Read More
#EGL Water PFAS progress update
Last edited 2 years ago

20-July-2022: EGL-Water-PFAS-progress-update.PDF





EGL are a decent business, and growing, and if they can successfully commercialise this PFAS separation and removal process at scale, there is a LOT of upside. That success would mean that it would be a cost-effective option for clients and that EGL Water would be making a decent profit margin on it. That's the success we would like to see occur. I imagine that if they get to that point they could well be also looking at licensing their IP to other companies overseas, so allowing other companies globally to use their tech, which would mean ongoing passive revenue as well.

Plenty of "IFs" there, but that's the Powerball upside with EGL. They're a decent company without that additional success, but if EGL Water is ultimately successful in addition to their other 4 divisions, that would elevate the investment upside to a whole new level. This update from EGL is another positive in that it keeps us informed about their progress, and reassures us that there IS progress.

Disclosure: I hold a moderate position in EGL in real life, and also in my Strawman portfolio. It's not one of my smallest positions and certainly not one of my largest either, but I have exposure. I bought in to EGL the week that their CEO, Jason Dixon, was interviewed here by Andrew. Impressive opportunity IMO, and I'm already well up from my purchase price (14.5c/share in October), and they have run as high as 38c/share (in January) in intraday trading and they've closed as high as 34c/share (on Jan 1st). Today EGL are up +10% (+2c) to 22c/share at midday on the back of this update.

One week ago, they provided a trading update regarding their FY22 results and outlook: EGL-Trading-Update.PDF

That was also positive.

I admire what Jason Dixon and Paul Gaskett did with Tox Free Solutions, building that company up until it was acquired by Cleanaway (CWY). I'm onboard with EGL to see what they can do with this company now.

The Environmental Group Limited - Executive Team



The Environmental Group Limited - Home


The Turmec ("clip the ticket") exclusive agency agreement is also a big positive for EGL. There's a lot to like about this company. They don't have a huge number of runs on the board yet, but they are starting to build a good innings. I think they can go with it.

Read More
Valuation of $0.280
Added 2 years ago

If EGL is well run, I expect that revenue can grow to $100M in 2 years, perhaps double that in 4 years. At a profit margin of 4%, I expect EBITDA of $4-8M in 2 years with NPAT of $2.2-$4.5M and EPS 0.7-2c. At P/E 12-14 this equates with a share price range of $0.8-$0.28. This would suggest that EGL is relatively overvalued at the moment. I am willing to buy at the present price because the Company is pushing forward into new markets like PFAS removal from groundwater which could be transformative to the Company and Jason Dixon has significant shareholding which will incentivize him to achieve growth towards the higher-end of his previous estimates.

disc: shares held

Read More
#Trading update
Added 2 years ago

EGL offered a trading update on Wednesday, advising that EBITDA for 2022 would be approximately 30% up on last year. Management had predicted 15% increase in EBITDA yoy and a higher number was expected by the market (see my previous straws on this Company). Drivers of revenue are TAPC, Tomlinson and some flow-on of business from their involvement as an intermediary in Turmec waste management in Australia. They have also purchased an additional business (Ignite) which is complementary to Tomlinson. Ignite Services install, service, and maintains gas-fired equipment across a range of industries including mining, waste management, production facilities, and industrial food processing plants. I can't say how this business will grow profit because I don't know much about it. My feeling is that it will not make a material impact.

My underlying thesis with EGL, and the reason I recommended it to SM members, was because it had the foundations to be a profitable engineering business but had suffered from a legacy of inept management with a focus more on engineering than profit. This changed when Jason Dixon took over as CEO in January 2021. Jason has correctly perceived that EGL offers quality engineering services but has not been run efficiently for shareholders. Revenue was lumpy, margins were low and services were constrained in scope and location. There was also a disasterous foray into industries that were not core to the Company, like water management and Mining Assist. Company overheads were also excessive. Ellis Richardson, the previous owner of Baltec and then CEO of EGL, did not run the Company with public shareholders in mind and sentiment towards the Company was poor. It has taken time to re-orient the Company and to work through the less profitable engineering projects.

If EGL is well run, I expect that revenue can grow to $100M in 2 years, perhaps double that in 4 years. At a profit margin of 4%, I expect EBITDA of $4-8M in 2 years with NPAT of $2.2-$4.5M and EPS 0.7-2c. At P/E 12-14 this equates with a share price range of $0.8-$0.28. This would suggest that EGL is relatively overvalued at the moment. I am willing to buy at the present price because the Company is pushing forward into new markets like PFAS removal from groundwater which could be transformative to the Company and Jason Dixon has significant shareholding which will incentivize him to achieve growth towards the higher-end of his previous estimates.

Discl: shares held

Read More
#Trading update
Added 2 years ago

EGL has given a strong update this morning with the headline being an over 30% increase in EBITDA vs FY21, well above their stated goal of 15% growth in EBITDA. The growth appears to be relatively widespread across their business units. Other recent announcements lend weight to the thesis that their growth is likely to continue and not just a one off. CEO Jason Dixon spoke to Strawman members last year and you'll find his preso on the Meetings page. This is one I'm happy to ride for the time being.


Read More
#Contract awarded
Last edited 2 years ago

EGL announced they have secured a $17.8m contract in their TAPC business. It's a big deal given it represents almost 40% of the total revenue for EGL in FY21 alone - TAPC being just one of five divisions they run. Difficult to know what they'll make on it, although the current CEO has been at pains to emphasize bids going forward would be at higher margins than before he took over.


Read More
#Bull Case
Added 3 years ago

Dear Members,

You may be interested in a core holding of mine- The Environmental Group (ASX:EGL). EGL is fundamentally an engineering company. It specialises in the design, application and servicing of gas and vapour emission control systems for industry and mining. It also designs and installs equipment that improves the efficiency of gas turbines, supporting the renewable energy industry by contributing to peak load electricity supply.  


In January 2019 EGL acquired Tomlinson Energy Services from RCR Tomlinson administrators. Tomlinson Energy replaces, services and maintains commercial boilers for a variety of industries.


There is also a fourth division to EGL. This is a water services division which uses a patented technology to remove PFAS from groundwater and potentially contaminated soils. The technology is yet to become commercialised but pilot tests were successful in removing more than 99.4% of PFAS. Commercial trials will be underway this half.


In February this year, EGL acquired Active Environmental Solutions (AES), an Australian Company with an agency agreement with Turmec Pty Ltd (Ireland). Turmec designs and manufactures waste recycling plants. Their expertise involves recycling of municipal, construction-and-demolition, glass, rubber, plastic and other waste. Waste material is diverted to re-manufacture as a substitute for raw materials, and as an alternative fuel source. The acquisition of AES was timely. In 2018 China banned 24 types of waste and enacted anti-dumping legislation that prevented developed countries from sending their unprocessed waste to the country. Exports of some waste materials, particularly mixed polymer plastics, are now stockpiling in Australia or being diverted to landfill. The Recycling and Waste Reduction Act 2020 will prevent export of plastics after July 2022 that have not been sorted into a single resin or polymer type or processed with other materials into engineered fuel. State and local governments have agreed to targets set by the Australian Packaging Covenant to recycle or compost more than 70% of plastics by 2025. Currently, Australia recycles less than 20% of plastics. The task is daunting and the expertise and technology of companies like Turmec will be invaluable. Turmec’s plant designs use optical and magnetic elements and robotics and have a recovery rate of 99% with minimal labour requirements and reduced need for landfill.


The Agency agreement with Turmec provides for a retainer to promote and raise brand awareness, success-based commissions for sales in Australia and a cost-plus pricing model for all engineering, maintenance and services provided in Australia.


Perhaps more importantly this acquisition signifies a turning point for EGL- from an engineering contract-based enterprise to a fully-integrated recycling, waste management and environmental-focused company. There is the opportunity for EGL to cross-sell its other environmental services, such as water management and air pollution technologies that prevent harmful gases, particulate matter and odours from being released into the environment. It provides synergies for all of its divisions, sets up a platform for growth and, by servicing its customer base, creates recurring revenues.



EGL has a market cap of $28.1M and a book value of $17.9M

Based on the latest company results for FY’21:

Revenue          $46.6 M (2020: $37.5M)

EBITDA            $3.1M

NPAT               $1.7M

Cash                $0.6M

Debt                $1.95M


EGL trades on a P/E of 17.2, which compares favourably with competitors: Pact Group 14.2 and Cleanaway 34.4


EGL has been a poor investment over the past 10 years due to a legacy of poor management, low-margin engineering contracts, and a lack of clear strategy and business focus. With the new management team (Jason Dixon CEO) and the relinquishment of control of the company by the dominant shareholder- Ellis Richardson- who recently retired from the Board and is selling down his 41% stake, the path is clear for expansion of the Company and fully realising its potential as ‘The Environmental Group’. Management has confidently predicted an increase in EBITDA YOY of 15% (subject to the impact of ongoing Covid lockdowns) but this ignores the potential for big contract wins by Turmec, and successful commercialisation of PFAS extraction by EGL water. PFAS contamination is a growing environmental problem with carcinogenic and other potential health effects and no commercially successful solution.


The Company is set to ride the groundswell of public opinion regarding environmental sustainability and protection and would therefore be of interest to ESG-focused investors. Its small size has eluded cover by analysts and small cap. managers and may be about to change, which could build momentum in the share price.

Read More