Significantly undervalued, CY20e EV/EBITDA of 1.2x, page-42

There's plenty of investments you could make that would have lost you 65% and nearly all of them would be for issues like duster drilling results, management spruiking for directors' fees, broker ramping, etc. A40 is none of those. It's done a few missteps on the corporate side, had its offtake deal shaken up and dipped on production right at the time the primary commodity price took a hit and right off the back of an over-enthusiastic ramp up in the sector.

Assuming lessons have been learned(!) A40 has an excellently developed production site with top people. Coincidentally, a mutual friend knows the quarry manager and says he's one of the smartest people he's ever met. That seems to be the theme with this company. Sometimes the best thing to do is nothing. Turn off the monitor for a couple of weeks and trust that people are working diligently on the problems as we wait.