So: - Market cap is 228m (@46c) - Unrestricted cash is 132m
Looking at the accounts: - Jun 2021: Net assets are 759m - Dec 2021: Net assets are 610m - Decline is all intangibles (Goodwill 239m>106m + Other intangibles 111m>61m) - NTA has actually increased because the total decline was 149m, but intangibles decreased 183m, so real assets were up (34m). - I do not know what is happeing in the March quarter because of the FUD but they are still profitable - so NTA should be up more!
In summary, this is a business with NTA of 443m+ (Dec 21) that has a market cap of $228m ... what am I missing here? I rather be making money than be right. I think the shares are discounted because of investors' distrust of directors and possibly management (ability + transparency).
HUM Price at posting:
47.5¢ Sentiment: Hold Disclosure: Held
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