Montauk Energy*, which produces gas and electricity from landfill sites across the US, has reversed the astounding price gains made in 2018 when the counter was one of the JSE’s few big gainers. In 2018 Montauk shares moved from around R51.13 to peak at R98.99 in mid-September, before finishing the year at R82.80. This year Montauk has lost 48% of its value to settle (at the time of writing) at around R40. At the R98.99 peak Montauk briefly carried a market capitalisation that was larger than Hosken Consolidated Investments (HCI), the empowerment investment company from which it was unbundled five years ago. The big question now is whether Montauk has corrected to levels that better reflect fundamentals, or whether the price represents a great opportunity to buy an "overcorrected", "green" growth story? The Montauk share price peaked after the announcement of an intention to seek a primary listing on the Nasdaq. The Nasdaq listing is long overdue, with all Montauk’s operations based...

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