If we take a conservative valuation of TAP at 2.30 then it is trading at a small NPV premium of less than 20%. It is common for oil companies to be trading at modest premiums of 30%. During the late 90's it was commonplace during that oil boom for shares to trade at 50-100% premiums. What does this mean? It means that TAP is cheap by comparison to other companies.
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Nick Poll, Executive Chairman
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