As per BOA-Merill..BP NAV ( assets- minus liabilities including $40 billion for spill fines) comes to 885 pence per share ( LON) 1 ADR =6 share which means NAV is $83 per share (ADR). Today's price is at $37.70..
There is huge valuation gap, totally un-warranted. Market doesn't like uncertainity and things BP-TNK relationship is in trouble ( it accounts for 25% of BP's profit), but thats total speculation.
buy with both hands..these are facts..all uncertainities will be diminishing in next 2-3 months..