Agreed; I have a target range $6-10 with a fair value target of $8 on a pro-rata 132m (11m/month) @ a PE around 20x (which I think is fair for sector). This factors in no growth, which could continue to be exponential in the current climate. Given the level of unbounded spec buying in 'growth' stocks and non-divi paying dividend stocks in markets that may or may not recover in the short to medium, atm I am amazed ZNO is still available in the $3s.
Valuation estimate, page-122
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