BV is useful where earnings are relatively consistent. Then the stock can be treated like a bond, with the return relationship P/BV vs ROE.
However, in MCS case, forget book value and look at NTA per share and start moving towards B.G analysis.
Its starting to stack up.
I'm in (as part of a diversified portfolio)
MCS Price at posting:
36.5¢ Sentiment: Buy Disclosure: Held