Hi all,This is my first post, hope it's informative to you.The...

Hi all,

This is my first post, hope it's informative to you.

The implied value of PNR's 50% stake in Norseman is approx $ 190m. Comparing it to TUL; the 50% stake in Norseman held by TUL is currently valued at appox $ 70m

PNR has been listed for quite enough time now for the mkt to "properly" value it.

I would suspect 1 broker has been acting for an Insto in selling TUL down. Perhaps today's price action is indicating that this selling pressure is over.

An even more simple analysis is to just compare the 2 mkt caps for these 2 equal JV partners; it is almost a direct comparison , 50 % each in the JV (and not withstanding some mostly minor bits and pieces)

TUL is a BARGAIN.

Some people on this forum are naive, and some people are disengenuous

DYOR
Ace8