Yes, growth will eventually start dragging the PPS up, but it will still trade at a big discount. Since that discount is slowly gets larger, it's hard to say when it will hit bottom and start the PPS move north. BW makes it as hard as possible with continued dilution, unaudited fins, and in general doing things that support basher arguments on the stock side.

The sales will one day trump the situation, but we could be in for some more PPS downs without some major announcements which only seem to move PPS temporarily.