Thanks
Dave.
MDI tends to 'follow' the mining sector, in that, when times are good then companies spend more on drilling. At $780M market cap, the stock is cheap at 10X earnings, but hasn't done a whole lot. It stopped its dividends in 2016. It has a good balance sheet with about $70M cash, and decent--but not huge--earnings growth expected. Earnings can be cyclical, and it lost money from 2016 to 2020. Insiders don't own much, but it has several large and committed institutional holders collectively at about 60% of the company. The last quarter was mixed. Overall, we would consider it OK and priced well, certainly. But it fails to excite us due to lower growth. EPS might grow 8% next year and as growth investors this just doesn't get our blood racing. But we would consider it 'safer' than many mid size mining companies. A resumed dividend would help here we think.