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It has 2 businesses: renewables and regulated utilities. AQN trades under 12x PE whereas a pure-play renewable or pure-play utility would trade a lot higher. AQN has changed management and aim to optimize their assets. He sees a lot of value here, so he has actually added to it. He sees a plan in place to realize value, and it's trickling through. There are plans to spin off or sell the renewable business to return to being a pure utility. The market isn't giving AQN any credit, so AQN sits in the penalty box because of past management mistakes.
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