He wouldn’t own this. Doesn’t have an utter conviction in management. Trades at a discount multiple relative to its peers, but would suggest that some of that has been through poorish execution over the past couple of years. There was also an over reliance on debt, which they’ve done a good job of paying down. There is lingering concern about inventory at one of their key growth plays. It’s fine, but there are other names he would prefer.
Portfolio Manager, Sprott Assett Management