Q: Can you provide an updated comment / valuation of Pinetree?
5i Research Answer:
There is not a lot of news here. It is still a small and illiquid company but market cap is now over $100M and the stock is certainly getting some notice. It has $400M in tax pools and will not be taxable for some time. It trades at a huge premium to book value but a better multiple against earnings (but earnings are highly variable). There is no real new news and the company has had no announcements since October. PNP has been acquiring shares in TBRG, and that stock has been doing very well. It owns 14% following recent disclosures. It is certainly interesting, but for now we would consider it more of a momentum or FOMO play.