True @Lox, But I see the market valuation as irrelevant, as...

True @Lox,

But I see the market valuation as irrelevant, as otherwise you wouldn't buy or sell.

It's about having a higher or lower valuation that drives the buying or selling.

Options have a different risk/reward profile to the shares.

It's the shares trading at a premium to the debt that I struggle to fathom, given both have same upside but debt holders have security against the smelters and equity holders sit behind debt.