Insanely cheap, page-36

To summarise, NEW is probably only worth $1 and can support a dividend of 5c. So it is fairly valued and not at a discount. I've thought that for a while.
Issues as I see them
* Fee - too much fees paid to the managers
* Interest - too much interest paid on debt, 4.2% on USD debt is way too high in this environment
* Debt - too much debt. 60% leverage is too much in this environment. Compare with other stocks.
* Tax Credits - in 5 years these run out and then NEW will receive the income that their partners are getting now.

Once all these issues are resolved then the stock will re-rate.