RE: AAB's model<< The market capitalization, $2.1-billion, is up 20 per cent since Mr. Pollitt and Ms. Dimitriadis
recommended it, and it looks rich compared with free cash flow. Investors are clearly ascribing a lot of
value to undeveloped properties, management prowess and maybe higher prices. >>
FNV gets a very high value for a royalty portfolio. The market gives AAB a severely discounted valuation for its royalty asset. That's why it makes sense for AAB to sell the NSR for cash or liquid shares. Then it would be easier for investors to see the value in AAB.