RE: mm2m and impega I think that most (but not quite all) of the value of the grants is already reflected in the share price. The official announcement removes some doubt. And when the money actually hits the bank account and is reflected in future balance sheets, it will finally be fully reflected in the share price (maybe). I don't subscribe to the "efficient market hypothesis". I think often the share price doesn't line up with the "actual" value of a company. If it did... there wouldn't be much fun picking stocks and I would just buy an index fund. If you value WND on assets alone it does seem quite undervalued..but if you look at EBITA or earnings 2-5 years out it seems close to fair value. This earnings based valuation certainly changes as more projects become reality though. I've invested based on a combination of the value of the assets and discounted future cash flows.