It’s a fair question, one we’ve all probably weighed up the last 12 months watching the earnings curve flatten a bit.
My 2-bob: A company on a compressed earnings multiple relative to peers, with opaque governance/questions on longevity of prized market viability that churns rivers of gold in the short-medium term.
Due to illiquidity, I don’t think my capital is much at price risk beyond what I paid some years ago, so my focus remains on whether the earnings remain.
it’s a hold for me, I expect earnings growth to continue until such time a capital transaction occurs - Lawrence sells xx% to a trade buyer, or the diversified income streams become the primary drivers and the company’s current model of US state gambling-law arbitrage becomes less core.
In a sentence: limited downside, moderate to high upside.
