An airline that wants its miles back
Thanks for sharing this write-up. I have held Aimia in the past, and there are a couple of points I would question in the valuation.
1. Why is corporate overhead only capitalised at 5x?
2. Do you not feel an investment holding company discount is appropriate? e.g. look at PSH discount.
Thanks for sharing this write-up. I have held Aimia in the past, and there are a couple of points I would question in the valuation.
1. Why is corporate overhead only capitalised at 5x?
2. Do you not feel an investment holding company discount is appropriate? e.g. look at PSH discount.