Pellet Price, page-487

I agree with that to some extent, albeit retail shareholders never really get that power and the cash should always be factored into a business' valuation ... if the dividend stream was sustainable/growth even a div valuation model would give a value well north of the current price + whatever business value remained at the end of the valuation period. Downside risks to GRR, in my view, are whether the major shareholder interests are aligned with the likes of you and I, commodity prices, potential geological issues, poor deployment of capital or execution risk on large spends. The balance sheet is also presently very lazy with all the cash, imagine the ROE if surplus cash was paid out, definitely worth some discount in valuation as the cash will be earning well south of the cost of equity and no clear plan with definitive timelines for it presently...