@Gongboy Your reasoning is flawed, I am sorry to say, because...

@Gongboy

Your reasoning is flawed, I am sorry to say, because you cannot omit to factor in SOL’s very material 44% holding in BKW.

If BKW were to hypothetically sell their holding in SOL to Company XYZ for 2.78bn$ in cash, BKW’s Net Current Asset Value (i.e. Current Assets minus Total Liabilities) would increase by 2.78bn$, i.e. from its current 368m$-804m$ = -436m$ to -436m$+2,780m$ = 2,344m$.

But then 44% of that NCAV would belong to Company XYZ; therefore, BKW’s existing shareholders would only own the remaining 56%*2,344m$ = 1,313m$. That is a lot less than BKW’s current Market Cap of 2,242m$, so it follows that BKW’s core business is not being valued by the market as negative; it is still arguably cheap, but not negative. This is all before factoring in the impact of BKW's recently announced acquisition.

Anyway, if you want to have a discussion about BKW or SOL, I respectfully suggest that you take it to the respective dedicated threads, as it may not interest the majority of OMN’s shareholders and followers.

Cheers