"SKE used to trade at multiples of PRG not at a discount ." SKE...

"SKE used to trade at multiples of PRG not at a discount ."

SKE is still at a premium to PRG (circa 30% premium), if you adjust for the differing levels of gearing in the two companies.

Anyone hoping for much more upside from SKE is effectively hoping for PRG board to offer a premium on top of an existing premium.

I'm not saying it will never happen; it could. But it would require the PRG board to behave in a somewhat undisciplined manner, and I'm not sure I like the invest on the basis of that sort of likelihood.