We maintain an OUTPERFORM rating and raise our target price by ~12% as 1) we switch to a 100% DCF valuation vs a 50:50 DCF:PER valuation previously and 2) as PLX’s 2020 cash balance was higher than expected. Our 2021-2025F NPAT-MI is largely unchanged (page 6). We expect 2021F earnings to triple vs 2020, driven by a recovery in the petroleum and jet fuel segments and rising asphalt profit from an acceleration of infrastructure spending in 2021.