Ann: Turnaround half positions Pioneer as 'Primed for Growth', page-3

It does appear that the company is stabilising and steadily heading towards better metrics in future years. However the gearing is still very high and the funding costs are still high compared with its peers. IMO investors will probably wait until the next set of accounts are presented before making a leap of faith. This time would be considerably shortened if KJ can find better funding rates in the short term. There is some comfort in the prospects when you see internal and sophisticated investors picking up shares at a modest premium to market prices. That premium should give some clue as to what a short term value might be.