Willy

$CLMT This absolute stud @VantixResearch wrote up $CLMT on substack today...... Incredible $CLMT + $LNG analog. He writes: "The closest historical analog to what is happening with CLMT is Cheniere Energy in 2017. Cheniere was the first US company to ship liquefied natural gas internationally, but for years the public market priced it like a utility, capping its multiple at levels for refining and energy infrastructure because the analytical category was wrong. The private market eventually cleared at infrastructure multiples once the take-or-pay contracts started flowing through earnings. Cheniere went from approximately $50 in 2017 to over $150 by 2022, peaking near $200 in 2023, roughly 4x in five years. The structural setup was identical to what CLMT has today: regulator-driven demand inflection, capacity-constrained physical supply, non-recourse project financing on the asset itself, take-or-pay contracts validating offtake, and a sponsor-structured monetization clock. The renewable diesel and SAF version of that mispricing is unfolding now, and Calumet is the analog the market has not yet identified." I've been pounding the table on this concept every single day of my life on X: Equities EXPLODE when multi-year take-or-pay contracts show up in earnings power. $CLMT is the next $LNG