EDE options valuation, page-7

Basically yes. However I give EDE an additional value for the leverage. Leverage being the extra number of shares you can buy with the same outlay. The opportunity is there to trade back and forth and continually build up the numbers or you can skim off a little profit along the way. Take tax into consideration. If the tax office deems you a trader and not an investor the tax implications are different. Trading profit is a taxable income. Investing profit is a capital gain.( or loss if things don't work out)