RE:STARBOARD VALUE...Upping the anteWow what a vote of confidence from Starboard Value! These guys don't do anything but make money. Happy to be riding on their coattails. Read their presentation - very informative. They spend lots of time discussing the two components - regulated and non-regulated businesses - they separate them quite intentionally. Not the right time currently to sell the non-regulated segment to unlock true value but perhaps next year when interest rates drop back down.
My speculation is they will push to have AQN split into two companies - a regulated utility and a non-regulated utility. Each then stands on its own. They will ensure the highest quality management is installed in each especially the regulated segment. Objective is to get to the same valuation metrics as the peer group.
What does all this mean? The recent drop from $10 or so a share to $7 or so a share was orchestrated - huge buying opportunity. Starboard Value likely has around $10 a share in this for their 61 million share position and I suspect they will not exit for any less than north of $12. In any event substantially higher than what astute investors can buy in at today. With a dividend that's attractive just on its own. Hoping to time my next buy close to the bottom with my gut feel that we're just about there. GLTA