True value around $15-$18, page-2

^ Yeah?
Based on what metric and calculations?
I value it at a bit under $50 on an ongoing (conservative) ROE of 10% with a rather large margin of safety now (buying well under that 50 dollar price) vs holding capital in a 10yr bond yielding 8% So that's a pretty large margin of safety- given rates are likely to come down...However I acknowledge the debt adds risk.
Because it assumes
1/ interest rates fall (as I am expecting) and
2/ the company continues to be able to meet it's debt payment obligations out of free cash flow (the mining services business remains in tact)
3/ The BOD doesn't panic governance remains sound and the share registry remains tight (as it has in the past) and there are no dilutional CR that feed cheap shares to outsiders ..
4/ The worst of China is already factored in and commodity prices don;t severely tank from here (who can predict the future)?
.
I guess that's why we have a market and why some are prepared to take the risk whilst others are not

Cheers NA/IMO