ETC is THE prized asset.
- $4B pipeline.  This pipeline is $1B bigger than what Raymond James highlighted in its initiating coverage report.  Expectation of Infrastructure bill already showing up in the pipeline.
- 3 major contracts in contract phase.  They means we won and are finalizing the details.
- Our win rate is tracking better than the acquisition model expectations.
- if all complete in Q4,EBITDA is locked in for ETC at $15M for 2022.  Meaning that ETC was acquired for 10X EBITDA.  That is incredible.  And there is huge upside in the pipeline.
- long term debt was renegotiated to 3% on the ETC acquisition and have ability to further leverage capacity there.

IRD with record backlog and win rate.

Biden Infrastructure bill passed.  Big tailwind for ITS.

We are cashed up to pursue further acquisitions.

The stock trades at 9X EBITDA on ITS + working capital.  50% below peers and 1/2 the value of acquisition targets.  

All analysts have affirmed ratings and targets so far.

Wilan is valued at 0.  Catalysts can arrive at any time.

Holding long and strong.