Indeed the price for the Energy business is a bit disappointing...

Indeed the price for the Energy business is a bit disappointing (I expected $150m) but in return the EBITDA and customer growth are doing well. But it looks like with this very early tender for wholesale network service it is actually putting itself up for sale, so its M&A valuation is what counts now.

Subtracting the proceeds from the Energy sale ($115m) from the current market cap of $209.5m the mobile business is currently valued at $94.5m. Based on recent transactions including AYS' acquisition of OVO each of the 830k subscribers should be worth at least $200, so $166m in total.

Hence at a price of $0.71 per share AYS is undervalued by at least $71.5m or $0.24 per share. In other words: my short term target is $0.95.