"I cannot see why WOW and WES command such high premiums...

"I cannot see why WOW and WES command such high premiums relative to book and why OMN gets marked down 40% or more."

Well, for one thing, WES and WOW generate surplus capital, so they are adding to their respective equity bases (i.e., book value) over time, whereas OMN is consuming its equity at a quite rapid rate of some 5% per month.

Which means that, at that rate and at the current market value of the company, within 12 months OMN, too, will be trading at a premium to its book value.



"OMN is almost too good for the ASX."

On what basis is OMN "too good" for the ASX?
Based on what I see, it is not even possible to determine whether or not it is even something that is of a minimum investment grade, let alone at the superior end of the quality spectrum.