You guys are forgetting that their inventory will be recorded at...

You guys are forgetting that their inventory will be recorded at cost and they make a circa 40% margin on it - so $37M inventory = $52M sales (assuming they can sell it!).

IMO, certainly worth a punt with all the dirty laundry aired. Wouldn't be surprised if a number of PE guys aren't already working on deals given the upside leverage if things turn positive. Now capped around $30M, but it's worth more like $200M if/when they make $10M NPAT and confidence has been restored. $10M NPAT on $250M sales seems realistic to me IF they can get it together.