Up or Down ??, page-4865

If SWM was run for the benefit of ALL shareholders, then it would be fantastic value.
But its not, its the Stokes family plaything.

Stokes family effectively control SWM even though they only own 38% odd of the company.

Stokes family will try to increase ownership without paying a premium.

The easiest way to achieve this is by paying minimal dividends, and do buy backs (+their allowed 3% every 6 months) acquisition by stealth.

This is why the market refuses to price the shares anywhere near their intrinsic value.

Effectively there is a Stokes discount (not premium) attached to the share price.

Understand this and trade/invest accordingly!!!