Thanks for writing this up, Nick. A couple questions:

- you assume 30% ROEs going forward. why in 2021 did ROEs jump 50% from 20% to 30%, and is that truly able to be sustained going forward? the incremental roa suggests they are getting less efficient on assets (capex), not more

- could you elaborate on the ability/inability to pass on prices?

- what sort of contracts are they historically taken with? eg is it locked up? can customers pull orders easily?

- Myles