RE: RE: Interesting take ...
just have to add, CS's valuation #s were after tax.
CS also estimated NAV into the future.
In 2015, they saw NAV of IVN-share at US$40/sh, growing further to US$65/sh in 2020.
That is CAGR of ~14% in NAV to 2015, followed by a slower rate at ~10% to 2010.
At C$17/sh, the premium is coming off the pricing and short term traders leaving.
The question for value is - where will it settle going forward?
Assuming CS's valuation of OT at US$17.7/sh is accurate, IVN is now priced at ~95% of OT, and You get the rest for free.