why?, page-3

Possibly its just trouble valuing the alliance. What does it mean? Where's the value? Can you quantify it? It's all about adjusting future earnings expectations (presuming instos actually do the work, which is not guaranteed) by an amount that you can have a reasonable amount of certainty about. I'd be interested to see any forward earnings revision by VBA first.

With or without the alliances VBA is trading at a significant discount to my fair value (and a healthy premium to my avg entry price). Still trying to get my head around what the alliances mean to that value though. Still unsure.

I suppose the real question here is: If the stock was trading down due to uncertainty about the alliances, why is that? If there was no approval on any of them, would that mean VBA is worth less? There's simply no logic to that.