Stock price when the opinion was issued
Lately they've had success in exploration in Germany, but near-term capex to exploit that is questionable. Are hard hit, now trading at half their book value. Are paying a near-6% dividend. He's held on. He may use VET as a source of funds, but otherwise won't sell it.
Too much noise. A tax-loss candidate. Don't buy. The warm winter meant weak heating demand. Also, their assets are too scattered, lacking focus, while the dividend isn't attractive enough. Some flagship assets will decline. It's a value trap.