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.