You have answered your own question regarding terminal value and long-term revenue visibility by talking about lowest-cost bidder. If you try to understand their business model their true moat lies in being signifantly cost effective as compared to the other bidders. And PPP is the future, government has understood how its a win win for both the govt and private players and going forward this model will only gain more traction.
P.S: Tracking closely, not invested.
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