"I cannot see why WOW and WES command such high premiums relative to book and why OMN gets marked down 40% or more."
Well, for one thing, WES and WOW generate surplus capital, so they are adding to their respective equity bases (i.e., book value) over time, whereas OMN is consuming its equity at a quite rapid rate of some 5% per month.
Which means that, at that rate and at the current market value of the company, within 12 months OMN, too, will be trading at a premium to its book value.
"OMN is almost too good for the ASX."
On what basis is OMN "too good" for the ASX?
Based on what I see, it is not even possible to determine whether or not it is even something that is of a minimum investment grade, let alone at the superior end of the quality spectrum.
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