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EPS upside is incremental, not explosive
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Downside risk is materially reduced
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Margin visibility improves
This is a risk-compression event, not a hype catalyst.
FFC and FATIMA: A Different Gas Reality
Both FFC and FATIMA have explicitly stated:
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Wellhead pricing applies
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No HRL-style concessional structure disclosed
This implies:
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Higher exposure to gas price volatility
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Greater sensitivity to future policy renegotiation
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Lower margin visibility versus EFERT
This single difference explains why EFERT commands higher institutional comfort even when short-term earnings growth appears muted.
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