In April 2019, I covered Genel Energy (GEGYF) (GEGYY), a London-listed and Iraqi Kurdistan-focused exploration and production company, for the first time. Back then, my sentiment was cautiously bullish given an astounding 55% free cash flow margin of the firm combined with reasonable revenue and EPS growth prospects backed by the Sarta and Qara Dagh PSCs and its eye-catching low valuation; e.g., at the moment, EV/EBITDA equals 1.79x, while P/B stands at 0.5x (it was 0.6x in April). So, there is no doubt that this is staggering undervaluation, which is barely justifiable even with Kurdistan-specific