Originally Posted by
Baa_Baa
Ignoring your "without mention of", market cap is everything to many investors because they're only into it to make a capital profit, preferably sooner than later. Others, albeit it seems only few here, look through that, to an asset that they didn't buy to sell anytime soon or maybe ever, that increases in value over time. OCA is doing a good job of that. Increasing in value. Just look at the asset base and NTA valuation.
As far as the market is concerned though, it's priced at a discount, quite a large discount. This is appealing to a value investor, especially considering we have had a decade or more of no consideration for value as most equities became well overpriced. Recalibrating our thinking towards value, versus market price, is key to understanding whether buying now or buying more now, is a good idea. It won't appeal to a capital sensitive or momentum trader, but a value investor will be very interested.
The confusion between value and price seems to be an ongoing thing. Value investors look at the market price as an opportunity, or a turn-off. The whole RV sector has been caught up in a perception that residential property prices are tightly linked to RV's prices, but we can see that in the main they are not.
Nevertheless, all listed RV's, OCA included are priced by the market, whether that is right or wrong is a matter of valuation judgement. It's imo not a competition between the RV's, they are all underpriced, though OCA is more underpriced than any of them.