Their balance sheet also has $75M of goodwill. If you add that to the $91M for the village the balance sheet has $166M of basically worthless assets.
Therefore, the only value they would is their order book and their ability to convert it to profit. Given their abysmal performance over the last 3 years, a profit would be unlikely.
They'd be lucky to be worth 10c a share.
Ann: FY18 Financial Results Presentation, page-4
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