BRIGHTPATH EARLY LEARNING INC V.BPE

Overhang

[tesh]

Trading at less than 10x AFFO despite an almost certain 25% increase in EBITDA within the next 12 to 18 months from the additional child care spaces committed to (more than 1,000 more) all to be paid from existing funds available (i.e. no new equity required). So what is the overhang that is causing the company to be so undervalued (at least in the opinion of management and us long suffering shareholders)?  Is it:
1. Concern about the concentration of the existing and new capacity in Alberta
2. Concern about Alberta is general
3. Concern about the ability to grow in Ontario
4. Other

What do other posters think? Am a bit surprised that management is not more specific about what they think could be the reasons. As I have posted in the past (righlty or wrongly) I think the issue is that the market wants more certainty about the company's ability to grow into other parts of Canada (Ontario in particular).

[Paperonweb]

My 2 cents: NDP government in Alberta and a 60% possibility  of a NDP goverment at Centre. NDP may subsidize childcare and open more government funded childcare centers unlike conservative who are giving cash for childcare irrespective of income. If this happens, BPE will be serving a very nitch market of affluent parents who will be sending their kids to private school. Secondly all of BPE