Provisions are part of their business and not going away. Its what they do
The company is worth at least $400m or 90 cents per share.
I base that on the value that could be achieved if the commercial receivables were sold......a few years ago it was worth $300m and the book was worth half what it is now.
A reasonable question for the board to be asked is:
"Given the low market value attached to the whole listed business which appears to be 50% or less of the value of the discounted future value of our commercial receivables portfolio, would shareholders benefit from a trade sale and/or monetisation of the receivables book?"
What Does AA Know?, page-117
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