This stock is clearly over-valued in comparison to LPI. If one puts an enterprise value of $52mn (market cap plus cash plus residual share of LPI earn-in) on BRZ for a 17.7% stake then LPI with 50% of the project should have an enterprise value of nearly $160mn, which is 50% higher than its current valuation.'
Surely there's an arbitrage play here for the hedge funds that can deal in both markets, it doesn't take a hydrologist to figure that out...
Short BRZ + long LPI.
Nice price action into the afternoon, considering the broader market got Musk flame thrower-ed today.
I just hope we don't see the Dow off -300 points or more tonight, it certainly feels like we are on the cusp of a broader market break down with a blue moon and US 10yr yields breaking out....
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- Hallgaren & Co - LPI report ~ $1.90 price target
Hallgaren & Co - LPI report ~ $1.90 price target, page-8
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