Remember when the company had a close to 100% payout ratio clear...

Remember when the company had a close to 100% payout ratio clear capital allocation and was trading at a higher valuation? The valuation is lower ever since the leadership change and subsequent decrease in dividend payout ratio. This is a value investor's stock. Value investors dont care about an uncertain potentially risky "growth story" financed by equity of an already undervalued stock. Investment case for JMS before was simple and predictable: Collect 10%+ yield at low manganese prices to wait for the cycle to turn to then collect 30%+ yield or exit with a good gain. Now it is more uncertain and I suppose a lot of value investors (myself included) don't like that management apparently wants to turn this into an "exciting EV growth story". I love to get proven wrong and the "investments" actually grow free cash flow per share, but for now the market seemingly hates it judging by the sp reaction. Also the announcement on their new ESG reporting is terrible, management needs to stop trying to "change investor" perception but actually focus on maximizing shareholder return and if there are no good investments available just return the money to shareholders via div or opportunistic buybacks. But please stop with this PR nonsense.