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Valuation of $2.10
stale
Added 2 years ago
31/03
Thesis below is broken. A realisation of NTA appears unlikely and the on market buyback is not enough to justify having this in the portfolio at the current 15% discount. Probably at fair value now.
The case for this one is simple. It's trading at close to a 20% discount with an investment manager that has a lot of skin in the game and has shown desire to undertake capital management initiatives in order to close the discount.
To value this I'm going to assume the NTA of $2.60 is realised in 2 years time and in the meantime roughly $0.15 of gross dividends are received.
Upside comes if the discount is closed sooner or portfolio performance is strong. 
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