Superox - your assessment of EV of $232 million looks about right.
However, you are then making a totally illogical leap to use that figure as the basis for arriving at an equity value of 47.5 cents.
The debt is a separate component of the "value" of the company.
Take as an example two factories side by side that make toothpaste - identical in every respect and each generating EBITDA of $2 million per year.
You think that 5x EBITDA is the right multiple to pay for a toothpaste factory.
Each factory is held in a separate corporate structure, each with 1,000,000 shares on issue.
Company A has $1 million of debt. The value of the equity in Company A is therefore $9 million (EV = $10 million), and so shares should trade at $9.
Company B has $9 million in debt. The value of the equity is therefore $1 million, and so shares should trade at $1.
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