I agree that's a likely explanation, but one has to wonder with...

I agree that's a likely explanation, but one has to wonder with companies that large, how such a large valuation difference has developed.

I guess instos usually close that gap quite quickly, but they are most likely turned off SOL and BKW due to their cross holdings in each other, according to that recent article in the AFR

If it's down to retail investors to work it out, then as you say, their perception of it as a bricks business might put them off. Even though now about 70% of it's value is SOL, by my metrics. So the valuation gap persists, despite the fact that it's a much cheaper way to buy into SOL, better yield, etc