RE:RE:RE:10 Years Share Price Comparison of WSP, STN, IBG, SNCIf you added up how many shares lie in the partnership along with the shares owned by employees (and former employees) outside of the partnership, I would hazard to guess there is close to 50% of all shares right there.
If i was an employee / partner / management, I’d be looking at the deep discount to peers and asking myself what’s an attractive way to solve this issue. I’d ask myself whether the capital markets were serving me any more.
If I needed access to capital? Whether it still aligned with my interests and current strategy (large acquisitions vs. Organic growth) and weigh my options.
I MIGHT offer myself $7 / share to NOT make the board members look bad. (Their duty is to ALL shareholders), leaving a bit of wiggle room to go up. But, I’d have to kiss goodbye to easy and cheap access to capital / debt (which is not a good thing).
I would PROBABLY deny any offers in the $8-10 range, which several suitors are likely lined up to pay because that actually market price.
A fair takeout would be $12-$15, If not more, based on market valuations, but many suitors would have trouble justifying a 100-200% premium vs. Current share price....that has bad optics/ rarely happens.
I’d look at my options and I’d say, the options are either lacklustre (limiting to the business or unfair) or improbable and, thus, I’d say “C-suite, pack your bags, we’re going on an all-out marketing road trip for the next 4 months”.
Tell BNN and every investor conference from here to timbuktu that IBG is coming fast and often.
This company is too great / the investment potential too high / it has has too much promise to not have some real investor engagement. She’s the belle of the ball!! Time to hit the road and sell sell sell.
Either way, the upside potential/opportunity so vastly outstrips the risk, I ain’t going anywhere until the imperfect markets “get it”.
Long and strong.
CR