yes - that is the $10k question. And looking at the history they do not seem to be in a rush. On a portfolio basis the "value is its own catalyst" aint bad. But it is often hard to see in individual positions what might need to happen in order to unlock the value - and that in itself is often a reason for the low valuation.
On the other hand. Some good old fashioned mean reversion in the business / valuation might be enough to give an investor from today's price a good return. In terms of P/TB the stock is trading near ATL-levels and there might not need to be that much of an improvement in the business momentum for a multiple increase to take place. So the assets might not need to be realized in order for an investor to get a decent return, but might otherwise be seen on protection on the downside.
how do they unlock the value here?
yes - that is the $10k question. And looking at the history they do not seem to be in a rush. On a portfolio basis the "value is its own catalyst" aint bad. But it is often hard to see in individual positions what might need to happen in order to unlock the value - and that in itself is often a reason for the low valuation.
On the other hand. Some good old fashioned mean reversion in the business / valuation might be enough to give an investor from today's price a good return. In terms of P/TB the stock is trading near ATL-levels and there might not need to be that much of an improvement in the business momentum for a multiple increase to take place. So the assets might not need to be realized in order for an investor to get a decent return, but might otherwise be seen on protection on the downside.