Moin daando,sorry for the late reply, but I wanted to take...

Moin daando,
sorry for the late reply, but I wanted to take enough time for your good contribution.

I am (hopefully) far from criticising the management on red days and praising it on green days. Surely you've read my criticism of financial management and strategic mistakes?I don't want to refute your theory because, to be honest, I don't have the imagination for the existing dimensions and proportions and I'm too lazy to familiarise myself with a "hectare analysis". It's more of a gut feeling that it fits.

I agree with you that, at least with Candelas, there is limited flat space available. With HMW, on the other hand, I wonder why, despite your analysis of the unavailable space, an infinite amount of space should be wasted on waste dump 1 & 2. I think "backup's" post is more helpful than what I could contribute.

You are trying to find a rational explanation for the blatant undervaluation. Sorry, at this point I'm going to reach into the bag of stock market wisdom. Stock markets, price movements and market assessments are often not rational. This is precisely why there are temporary undervaluations and overvaluations, and this results in opportunities and risks. That's the game.

In my self-assessment, I certainly belong to the more risk-averse category of investors, but I do not treat my investments lightly. In order to reduce the risk of a bad investment in an individual share, the only thing that helps is diligence in research and, of course, the ability to interpret the information gathered correctly. Sometimes I am wrong and therefore an exchange of opinions in a forum like HC can be fruitful for me.

...quote statements from management that are supposed to refute my theory...

As I said, I am not interested in refuting it, I find well-founded critical thoughts very valuable. I was primarily concerned with ensuring that my admittedly much simpler explanation - that possible offers are/were not attractive enough - is not lost in the attempt to explain topographical conditions. But unlike many others here in the forum, you understood that.

In the conclusion, you state as a reason for a valuation discount that it would be very difficult for GLN to sell part of the land. This is undisputed, but it is also not common. JVs with percentage shares for the new partner and in return you receive a subsidy for CAPEX are common.

I fully agree with your last paragraph under the picture.

Have a nice evening
Smith71