Maximum upside from my perspective 3 years from now when Cooper, Gaven & Co transform this company. The company's total equity should fall but the share count should fall faster. However, the real beauty about this situation is what happens when growth kicks.
About a year ago I was watching BNN and a guest was talking about the relationship between return on equity and price to book value. What he said is if a stock has an return on equity of 8% the stock should trade at close to book value, if it has an ROE of 16%, the stock will trade at 2X book value. The reason why the market gives it 2X book is because the book value of shares increases so fast that a premium is priced into the stock. If Dream can achieve this, we will all be stupid happy.
An example,
Total equity at start of year: 3,500M (book value: $32.41)
Net income for the year: 600M
Total dividends paid: (162M)
Total equity at end of year: 3,938M (book value: $36.46)
If the above situation became reality and I don't know if it can but that is when you will see 1.5 to 2X book value tacked onto the share price. Imagine that people?