NTA, page-17

All right lets play even more hardcore with SGR NTA given the risks:


Step 1: Include current assets less current liabilities: Deficiency of $108m, add ALL liabilities of $312m = deficiency of $420m

Step 2: include only PPE of $1,714 and investment in associate of $686, thats its it from the NCA of the balance sheet.

-$420+$1,714+$686 = $1980.

Step 3: we go back to FY23 annual report and take out more numbers that are not absolute hard numbers:


From the above we are going to take out leasehold improvements, plant and equipment and right of use assets.

So $1,752 - $21.7 - $153 - $147 = $1,431.

So we are going to plug $1,431 into Step 2 above (instead of $1,752).

$1,752- $1,431 = $321 reduction.

So from Step 2 we will further reduce adjusted NTA by $321.

This gives me an even more conservative number of $1,980-$321 = $1,659.

Current market cap $1.2b odd.

Discount to even more conservative NTA $1,200/$1,659 = 28%.