$17M market cap; $500M cash flow; no CAPEX, page-84

to add, it is possible NAG got the PASS idea when a member of the proposed East-West Link approached them about using the pits

The East West Link is a proposed 18 kilometre tollway in Melbourne, Australia, to link the Western Ring Road with the Eastern Freeway. The Napthine Coalition Government signed a $5.3 billion contract with the East West Connect consortium in September 2014 to build the road, as the first stage of the project was due for completion by 2019. A change in government at the November 2014 state election led to the project's demise.

The Government pledged to have the design finalised and construction contracts signed by September 2014 to ensure construction was under way in October, before the state election on 29 November. A shortlist of companies tendering for the work was released in late September 2013. It comprised:

• East West Connect Consortium: Capella Capital, Lend Lease, Acciona and Bouygues
• Inner Link Group Consortium: Cintra, Retail Employees Superannuation, Samsung C&T Corporation, Ferrovial Agroman, Ghella,Transfield Services and Macquarie Capital
• Momentum Infrastructure Consortium: John Holland Group, Dragados Australia, Leighton Contractors, Iridium Concesiones de Infraestructuras and The Bank of Tokyo

https://en.wikipedia.org/wiki/East_West_Link_(Melbourne)