Currently trading at a P/E of around 9.7x, we see clear room for this company to experience a re-rating due to growing earnings that are becoming more predictable. Public peers in this infrastructure industry typically trade at far higher valuations, often in the P/E of 15–20x range. Our target company has now significantly expanded its manufacturing footprint, positioned itself closer to key customer clusters, and cleaned up both its cost base and legal overhangs.