Ithaca's 2P NAV is $1.66 BillionIf Ithaca was debt free right now, the NAV of the stock would be ~$5.15. So if after Stella coming on line they can slap $300 million or so on the debt, the NAV wold be $4.30. So if they introduce a divy of 5% or so after 6-10 months of debt depayment and if the stock then garnered a premium valuation 1.2 times NAV, the share could be trading around the $5.20 range.
As I said before, the market is waiting for more clarity and certainty tthat Ithaca can get Stella producing on plan.
Remember that the main reason why the share price is languishing some is what I indicated before. Skeptism and highly lumply production growth.
Once the market is convinced that the Stella will begin production around year end or very early 2015 then the share price will really move up.