RE:DCM vs peers Thank you for yet another interesting peer comparison.
Your concluding sentence nails the current situation.
Risk is generally proportional to debt overhang.
The relationship is not linear but Gompertz.
At some point, we will pass the inflexion point at which risk aversion becomes insignificant compared to potential capital returns.
The share price will then quickly close the valuation gap.
I feel we are very close to that point, at least for DCM.
Thanks again