Raymond

And it provides this to four key segments.

Its bread and butter is motorsports.

So when you think of motorsports, you think of...

F1, the FE, which is the electric vehicle version of the Grand Prix, the World Rally Championships, your V8 supercars, all those sports races.

And all these vehicles, they get really hot and you need to cool down sometimes.

So, it's like when you go for a run, you sweat up and

cool down.

And that's what PWR provides.

In terms of the second segment, it also sells similar products and solutions, but to everyday people.

And when I say everyday people, I would say those people would probably take more care of their vehicles than the majority of the population and really value the quality of PWR's products.

I'm not sure if

Any of you are rev heads?

I don't think so.

Yeah, it's interesting because I actually asked one of my mates who is a bit of a rev head and he actually takes his car to the racetrack every now and then and straight away he knew who PWR was and he said, yeah.

He wasn't sure why I was asking so he was actually worried that I was spending too much money on some cooling solutions for my own car.

In terms of risk, I'll say valuation at the moment is quite high.

Price earnings is around 42 times.

And to give some context, I think the average price earnings for the top or the biggest 500 companies in the US is around 15 times.

So to view in that light, you'd say that PWI is quite at a premium in terms of

the share price and also the multiple.