I'm not yet in a position to form an opinion about valuation. I first need to get more familiar with the financial track record, and then I need to form an opinion about future prospects.
In terms of the financial track record, I need to learn about cash generation, cash consumption, margins, cyclicality, executive remuneration, executive character, balance sheet strength, working capital needs, returns on capital etc.
Then I need form an opinion of where the industry cycle currently stands. And then I need to form an opinion about where things are headed.
In any case, I believe valuation as at least as much about opinion as it is about anything else. So I'm not a big fan of Montgomery type black boxes.
(20min delay)