Very hard to put a good spin on this report.If we consider that...

Very hard to put a good spin on this report.

If we consider that on the balance sheet EFTEL has $11 million of 'intangible assets', which is more likely than not, the user base and or goodwill which they have bought over the years, would mean that the asset's of EFTEL would be close to 0

What would be interesting is to know how many users EFTEL still have, would be a good indication of the value of it rather than what has be put down on the balance sheet.

They currently have very close to 245.5 million shares on issue.

If we consider that the value of the company is in the user base, and say that each ADSL user is worth $300 each (this is my estimate on the real value).

If we say that EFTEL must have around 40,000 ADSL users this would place a value on the user base of about $12 million, I would suggest that any potential purchaser would not be interested in the company, if they had half a brain.

This would put a value (backed by assets) of around .05 cents per share.......


It is going to be another interesting year, especially with a potential hostile major shareholder in QIL, if they have shares, which I guess remains to be proven, and what effect the NBP will have on ISP's in general.