Thanks for the write up. HWO is a top position for me and I will add more if price drops a lot post return of capital. It looks to me like a low risk high uncertainty situation. I assign 0 value to the cdn biz (harsh I know) and the PNG stub post return of capital is trading at what, 0.5-1 x earning? My speculation is they will make the private co structure very unappetizing for retail shareholders and insiders will scoop up cheap shares at the sell off. Let’s see
Thanks for the write up. HWO is a top position for me and I will add more if price drops a lot post return of capital. It looks to me like a low risk high uncertainty situation. I assign 0 value to the cdn biz (harsh I know) and the PNG stub post return of capital is trading at what, 0.5-1 x earning? My speculation is they will make the private co structure very unappetizing for retail shareholders and insiders will scoop up cheap shares at the sell off. Let’s see
Thanks for the comment.
It's such an unusual set-up. Only in Canadian micros. You're right, even with 0 value for the Canadian biz it's still a decent set-up.