IF (& it's a big IF) the quarterly profit numbers from TSI have continued then we are crazily cheap. Last quarter PBT of $1.5m, so $6m annualised (& thus $1.5m attributable to VOR)... means we're sat on a multiple of just 3x PBT for the TSI India entity holding. Pretty much also ignoring any value of the VOR shell & any cash. I see either a big re-rate from these levels if those profit levels are shown to have continued or a rapid (further) fall from grace if they've not I guess many like myself have just been here for so long & want the TSI entity to succeed that we continue to hold on
Don't really see any upside or downside from new opportunities in the short term as these will need to be paid for... unless it's a speculative lithium play in Kazakhstan.... in which case we just post rockets on social media & watch the share price double overnight
VOR Price at posting:
4.3¢ Sentiment: Hold Disclosure: Held
