HWO VALUATIONHWO is really inexpensive for the following reasons: -pays over 5% safe dividend which represents only 25% of their cash flow - two thirds of their business is in high growth Papua New Guinea vs. one third in Canada - Natural gas prices in PNG are several times North American prices as serving the nearby Asian market -company has over 25 million cash and no debt -company has two new drilling rigs coming on-stream this year -company has NCIB in place into next year - very few energy service companies are in such a fundamentally strong position and in a great location for most of their business - a favourite of Jason Donville who only buys high ROE stocks