Ann: URW announces an extended Management Board, page-26

I think we will hit something approaching fair value once this retraces past where it got to on the first round of vaccine optimism. The fact we haven't got to that point yet I think is a bit short sighted by the market. Given multiple working vaccines, easy capital, easing borrowing rates and asset sales that have been going well this is still quite mispriced. The next leg up should shake the remainder of the shorts with the caveat of course that the general market stays stable. The risk that is being priced in at the moment is more a general in nature I think. That's up to your own research whether you believe in that impending general market doom or not.