RE:Q for texaswedge, len520, aggman et al.I have not studied the share register, nor holdings of NWI because the aggman is a purist (the aggman does not Tweet).
Naively, I focus on the business and the operation: prove the op/business to be viable - and there is encouraging evidence of that. Prove the quality, prove the rail link, prove your ability to serve customers, prove you reserves, prove you can make momey consistently, and prove the resource position is defensible.
I've been over SLCA, EMES, HCLP for years - call me lucky (old aggmen need a bit now and then).
The story down in the US is strong - why these names have gone 7x in 2 years, and are continuing to (deservedly) trend higher.
I look at VS and think: logical take out - a 2.0m tpa business - that functions - with the highest quality sand - serving customers with a high WTP - that may fetch $200-$240M - or 6x the current BV of NI.
This is what the aggman can see.