One year ago, we published an analysis of Pattern Energy Group (PEGI) arguing that, as a yield investment, a dividend discount valuation served as a valid indicator of intrinsic value. As such, we correctly believed that a share price below the estimated dividend discount valuation indicated significant growth potential for the share price. Pattern has since been acquired (tentatively) by the Canadian Pension Fund for near our estimated value, and in July, a similar analysis of Medical Properties Trust (MPW) indicated that it too could be below intrinsic value given reasonable