Hi Bacci,
18 months ago I would have agreed with you.
The new CEO and board have done a remarkable job of turning TAP around through some excellent transactions.
Once TAP have income from Manora on steam I believe there will be a huge re-rating. Bacci is correct, the market is valuing TAP on the lack of performance from the existing board and management.
This is where the best value opportunities are created.
Cheers
Oz
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