$1 party, page-22

We are getting dangerously close to EV/Ebitda multiplier of 4, which is extremely low given that anything below 10 is considered to be healthy.

Enterprise Value ($305m market cap - 78m cash&receivables+58m debt) / Annualised Earnings ($65m) = 4.3x

Also, part of the DDH debt will be paid off soon with the money raised via IPO, so we will be probably below the EV/Ebitda multiplier of 4 quite soon. It's a bit unusual to see that value stocks are treated this way and many investors are chasing spec stocks exclusively. However, in the long run, value plays usually outperform most spec ones as they are the ones paying dividends and making profits, while spec stocks have to meet with often unrealistic growth expectations to keep their valuations steady.

I personally won't sell my parcel anywhere near these price levels.