In short: Historically traded at a huge discount to NAV; that's gone now, but fair value is ~US$40 with ~15% annual growth — "a triple in 10 years if my math is right." Willing to buy here "because the price is fair."
Altius Minerals is a diversified royalty company that for years traded at a big discount to the value of its underlying assets (its "net asset value"). That discount has mostly closed, but Rusche still pegs fair value near US$40 and expects ~15% annual growth — math that points to roughly a triple over ten years — so he'd buy here because the price is at least fair.
26:50You mentioned a few different companies. Altius is one that historically has traded at a huge discount to its net asset value, and lately it hasn't been. So I would prefer to wait for a better valuation there. But at the same time I think the company is going to grow by about 15% compounded annually, and my fair value for the stock today is somewhere around $40 per share, talking US dollars, and it growing at 10 or 15% annually for 10 years —
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