Could a sum of the parts opportunity be forming at Premier Investments? The market cap sits around $3 billion, with their Breville stake worth about $1 billion on market, Peter Alexander valued mid range at roughly $2 billion, and around $350 million in net cash.

That would imply the rest of the business is essentially being valued at zero. I don’t know enough about the Peter Alexander and other divisions to be confident, but it looks worth a closer look.