can someone explain why PGH is so unloved?, page-5

Thanks for your thoughts - some really interesting stuff there. And don't worry I don't think you're being negative - it's good to be able to have a rational discussion about the pros and cons of a company, and it sounds like we're largely agreed that they're undervalued. A very refreshing change to a lot of the "SHARE PRICE WILL HIT $X BY MARCH" stuff on HC.

I agree it's not an incredible growth story, and for me that's what I see as inhibiting it getting back to eg around the 2017-18 levels. I guess my thinking is that at these prices, it doesn't have to be. ~4.4% yield on today's prices that will only increase once debt is paid down means that even if EBIT stays relatively flat, within a few years that yield will go higher still, and the share price should follow. For a 2-3 year timeframe, and with a big chunk of their EBIT fairly stable, seems pretty compelling buying. Agree the COVID uplift in the contract manufacturing was likely just a temporary spike and might not significantly increase the price paid for any divestment.