Like I said, your explanation was because APT was SP X therefore...

Like I said, your explanation was because APT was SP X therefore ZIP should be Y as their major argument. It isn't... They talk about numbers specifically to ZIP and why it's valuation should be higher, in comparison to multiple factors.. Having said that, your own take on the report is not wrong to what you stated, so I will definitely give you that. However, you could have worded your statement a little better as that is not exactly what Shaw's report was about. Yes, the numbers affect the SP, but it isn't quite as you put it. I'm okay if you have a differing opinion, but like I said, back it up with facts first. I appreciate your response and give you credit for doing that.