The Hour Glass

[dydx]

Granted Mr Market has been pricing THG conservatively for quite a while now, we must not forget that the real achievable value for a high-quality, well-managed business with a solid track record in steady business growth and superior profitability, is in a trade sale of the entire business to a willing and right external suitor. In such an event, the transaction price for the THG share will be what the Tay Family finds compelling - or at least attractive enough - to cede their controlling stake. This price cannot be the latest NAV/share of $0.79! My wild guess is that it could well be closer to 2x of that.