Your whole thesis hinges on: 1. A statistical correlation with other companies that are trading at a discount to book value. 2. The assets are worth a good portion of what the balance sheet says they are.
Regarding point 2, it's a dog of a company that makes next-to-no return on all of its capital employed. ROC is what drives share price appreciation if you're not hanging out for a liquidation or takeover.
Here's an excell sheet that TII analysts published - note the discount to assets and remaining equity. http://www.intelligentinvestor.com.au/core/download/specialReports/330_ELDPA%20valuation%20calculator.xlsx
Regarding point 1, correlations are important for spotting trends, but they are *not causal*. That PPX bounced suggests that ELD may have similar drivers, but doesn't guarantee that it has them. You have to identify them first before the link is proven.
ELD Price at posting:
26.5¢ Sentiment: Sell Disclosure: Not Held
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