You haven't factored in the issuance of new equity, which is yet to happen. The market is valuing the 4% of equity held by current shareholders at $32m. By extension, they are valuing the 96% to be issued to the lenders (new shareholders) at $768m. The maths is $32m / 4% - $32m.
SGH Price at posting:
9.0¢ Sentiment: Sell Disclosure: Not Held