They did managed to sell a few vessels and barge for higher than book value. That's good news.
Also, I think we tend to value business based solely on earnings alone. In downturns, earnings are misleading... have to spread it out and average to get some idea of reality.
Then there's mergers and acquisitions; corporate raiders.
MRM is selling at 1/4 of its book value; that book value is after the non-cash writedowns of $120M. It is still earning money; one of the major players in its areas...
If we don't load up on any business like this at these prices, we aren't going to load up on anything else. Unless there is such a thing as the company facing fair wind and growing as heck but its share price is stuffed. Might happen. Rare as a unicorn though.
MRM Price at posting:
43.0¢ Sentiment: Buy Disclosure: Held
