TRF definitely undervalued by market, they hold 50% of IFE, and 20% free carry on top of that in Willcherry hill. The Hercules MAY swing the favour to IFE valuation wise, but that's many years away from factoring in imo (at least 2), so if you check your shares once a year, MAYBE it'd pay to buy into IFE instead of TRF. However, do the maths on the holdings by TRF of IFE, any price rise that IFE has, TRF has 50% of the entire movement due to it's holding, plus the free carry (gotta be worth a few bob). Also TRF is currently trading to a discount to it's NTA of IFE shares + cash + ROH shares. So you get the initial arbitrage of TRF reverting to it's value, then you get the IFE rerating as the icing on the cake, and if we're all still around when Hercules gets going, perhaps then swap into IFE (or if TRF gets way out of whack).
PVF.
TRF Price at posting:
48.0¢ Sentiment: LT Buy Disclosure: Held
