ubs initiates coverage, page-7

No profits?

You need to research further

Big market cap? If you take the cash away Arrow is almost valued at what PES was taken over for.

Arrow are trading at a major discount atm. The PES price rose as majors were tussling over grounds and reserves. Great for you..but I have made a motsa out of Arrow in the last 4 years and she will continue to bring in the rewards. I believe there is plenty of room to move yet.