MoF Newsletters, page-108

You're right that PNV has copped it this year, and BD1 has certainly suffered since the blow off top in February, but I think it's disingenuous to compare those stock performances to RAC.

If we compare to the price 12 months ago:

• PNV closed at a yearly low of $1.445, down 65% from it's high ($4.08) for the year and down approximately 50% in the last year.
• BD1 closed at $112.5, down 80% from its high ($5.60) for the year, but at least is up 72% in the last year.
• RAC, in contrast, closed at $3.38, down 20% from its high ($4.23) for the year and up 140% in the last year.

I get that people have grown frustrated by the long consolidation we're going through but all evidence that I can see points to it being just that. Far from being punished, to me RAC just looks like it's just working off the large gains we've seen in the past 2+ years and coiling like a spring ready to (hopefully) catch up with the fundamentals as real world, positive (we hope), data starts to build over the coming months.

For anyone wanting to get stuck into management regarding the RAC share price, step back and take a look at the big picture:

• 19 November 2019 Close - $0.135
• 19 November 2020 Close - $1.40
• 19 November 2021 Close - $3.38

Of course, everyone thinks all their stocks are undervalued and should be higher, but I'd be very happy if every share I owned in that time performed as well as Race has. Disclosure: not one has.