Calfrac way undervalued!In reading the 2019 annual report one can see that although it was a comparably difficult year for Calfrac they still managed to generate $159m in EBITDA. I chose 2019 because that was the last kind of "normal" year for their operations pre covid, etc. The price of WTI averaged $57 that year. Today's equity market cap is $129m (37.5m s/o X $3.45) plus there is another approximately 45m shares from an in the money convertible. Assuming those bonds are converted you have a fully diluted market cap of 82.5m shrs X $3.45 or $285m. This looks pretty cheap when compared to $159 in EBITDA - like < 2X cheap. WTI is currently $50. Seems like an interesting way to participate in an improved oil service industry environment................i.e. Goldman Sachs commodity super cycle. Any comments/observations from others on what I may have missed? BTW - I also like that George Armoyan is a significant shareholder.