RE:RE:RE:CapEx Yeah, I am under no illusions that its a capital light high quality business that should trade for a crazy multiple. There should be some level of rerate though if the cash flow generated over the next two years is what I think it is...
Forsure there have been hiccups - in particularly last year but also in 2016, but taking a step back - the book value has increased from .69 per share at the end of 2011 (as far back as my tracking has - im too lazy to go back further) to 3.6 per share today - a 14.5% CAGR with a non-levered balance sheet. The last few years with some excess cash drag - they are sitting on almost $2 per share in cash (after the 20 mil payment) lol.