What bothers me is that at $110.21 (today's closing price) QTS-B is trading at a premium The preferred's are protected from conversion till 2023. So, the preferred's are trading today at $52 conversion price (if you are stickler to the decimals then $51.83).Now, think of the protection till 2023 as a call option on the stock or in much simpler terms the current preferred price assumes the stock will gain at 3.25% per year, not a big hurdle right?2019 45.632020 47.1129752021 48.644146692022 50.225081452023 51.8573966Suppose if the stock gains 5% CAGR then you are seeing the stock price at $55 and that would value the preferred's at $116.95, 8% CAGR would value the stock price at $62, and the preferred at $131.The worst case, you will continue to receive 5.9% or you get 5.9% and some cap gains.What am I missing ? what is your concern?PS: Thanks Jim for bringing this to the board.
2019 45.632020 47.1129752021 48.644146692022 50.225081452023 51.8573966
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