It's become pretty obvious to most that DCC is undervalued by...

It's become pretty obvious to most that DCC is undervalued by any rational measures (sales to price ratio = 1!). I have been thinking for a while that at least partially, the current valuation can be explained by the structure of the ownership and how tightly the stock is held. Anyone with deeper pockets would not be able to buy the required quantities without putting the stock price through the roof. If a trade worth 3000 AUD moves the SP by 5%, how much would an accumulation worth a half-million AUD move the SP by?

With a relatively small free-float, and all these options expiring this year and next year, and the shares in the escrow accounts, I think patience is the name of the game. I think the end game will either be a large P&L, which the market can never deny, or a take-over. Either of those might take a lot of time - I am willing to wait though .