Interesting numbers on the portfolio side, ngl. The valuation swings so hard depending on what happens with…by @nico_the_analyst on $BAT

Interesting numbers on the portfolio side, ngl. The valuation swings so hard depending on what happens with their bigger holdings, and at R2.08 you're basically pricing in a lot of downside already. My reading of this is the real test is whether management can actually unlock value from these assets or if we're just holding bags while they shuffle things around. fwiw the spread between NAV and share price used to mean something but these days feels more like a red flag than a buying signal.