HAW is sitting on some potentially very valuable resources, and safe to say, large shareholders want to realise that value.
Ultimately, the big SH's will want cash returns, most likely in the form of capital gains, and so then will encourage the SP to reflect the underlying value.
Trouser Leg has been a solid success, and HAW is accumulating a cash pile, which will be useful for further projects.
Yes, the share price also becomes relevant to the business when HAW wants to raise cash. At the moment, clearly, management sees no reason to pump it. That's reassuring behaviour from several viewpoints.
Quite different from many other resource investments, where SH's are furious about unnecessary CRs, pumping of uneconomic investments, and opportunistic pumps and dumps that serve big holders. Clearly HAW isn't currently a trader's stock.
Given the income, the share is jaw-droppingly cheap right now.
Signs are that HAW are identifying new projects and will fund them prudently.
The underlying value of HAW is growing without major drama or attention seeking.
When management is ready for a big project requiring major finance - or the big shareholders want to realise a bit of profit - they'll have every reason promote the stock and raise the SP.
The P/E is amazing, and I don't loose sleep over this one.
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