Dear Reader,After discussions with my analyst I recently added back almost all of the Natural Gas Services (NGS US) shares that I trimmed earlier this year. My current position is over 6% of my portfolio.As you’re well-aware, I’m not really a fan of complicated investment theses. That’s why I like Natural Gas Services: they buy the compressors, then they rent the compressors on long-term contracts. The compressors have useful asset lives of around 20 years — possibly longer with good maintenance. This is absolutely critical infrastructure. If the compressor fails, everything fails. You can learn more in my previous articles:Demand for compression is increasing because of natty-powered data centers, LNG, and the natural progression of oil wells (as the wells become gassier over time, more compression is required). See the following slide, from larger peer Archrock (AROC US). I believe NGS is on a trajectory for $180mm to $210mm of EBITDA run-rate by the end of 2030. The street is under-modeling mark to market of existing contracts when they come due and giving no credit for potential M&A. At that point I think the stock will command a multiple between 7x and 9x, while holding debt approximately constant (currently: $329mm). At the low end of those estimates the share price would approximately double. At the high end it would more than triple. Happy hunting,Scalpavelli