If the Natural Resource Minister delivers on his goal to have ~10 new projects reaching final investment decision over the next year, demand for workforce accommodation will rise - leaving Black Diamond (BDI) well-positioned…

… following its $165M acquisition of Royal Camp Services, which doubled room count - nearly 50% of which isn’t currently in use. New projects breaking ground could drive a step-change in utilization, flowing through to margins…

… and to forward estimates, which investors are starting to price in.

Dexterra (DXT) is another name that’s bulked up through M&A, though the company is more heavily skewed to services…

… making the operation of the camps its main exposure (catering, janitorial, hospitality, etc.). DXT has re-rated too…

… and the pair have outperformed the index meaningfully over the past few years - but they should have more juice if the underlying theme cooperates.