Zip code can definitely explain some of the discrepancy. When it comes to debt, maturity date and ability to pay up tells the story - not just notional value of debt - timing is everything. If BAA's bond was due in 2020 I have no doubt this stock would be > $1 right now. If BAA had $200M in cash in the bank I'm sure this would be > $1 right now. But they don't have $200M cash, and the bond is due in 375 days. That being said, stellar numbers for Q4 and knockout Q1 production should make for a nice rally...