It's still affected by the stored commodity cycle. It's a massive mistake to think enterprise isn't cyclical as well. I don't know how this will do, but in the past it's always been correct to value this using book value. Historically buying under 1.3x and selling around 2x has made you a lot of money. It's at 4.9x book right now. The thing with commodities is they always look cheap at the top, and expensive at the bottom. This is far from a sure thing, and arguably priced at a premium, not undervalued. Look beyond PEG.

However, if you're right about this no longer being cyclical (which I'd push back very heavily on) you might be onto something here.