Valuation According to Morningstar - ADW.a over a 5 year period has traded at an average of 2.1x Price/Book.. currently the stock is trading at a P/B of 0.86x.
In the short term the market can be very inefficient and this is providing exceptional opportunity over a several year time frame.
In my opinion there is no way that the Net Assets of ADW are impaired below Book Value.. certainly there could be a minor write down of inventory, but I'm not antipicating one. Given that the companies PP&E was organically funded/purchased a long time ago, I would in fact argue that the value of these assets is materially higher than presented on the Balance Sheet.
Recent weakness could be attributed to the mandatory sale of shares as a result of a Peller family member estate wind-up.
I feel VERY comfortable adding here. Dividends are covered by earnings/cash flow. This company isn't going anywhere!!