Not difficult to show the rather cautious valuation of this...

Not difficult to show the rather cautious valuation of this company :

1/ Free cash flow yield
As indicated before, I think that the free cash flow yield is 12 %. Already quite high given the company's profile.
But this is based on the cash in the balance sheet of 103 m$ and an estimated maintenance Capex of 18 m$.
We can also use more optimistic elements : total unencumbered cash of 115 m$ and a maintenance Capex of 7 m$ (level in FY 21 when the company had no growth capex). Using these 2 elements, the free cash flow yield can be estimated at 15 %.

2/ Return on capital employed
In FY 24, SRV had a ROE of 20 % (equity of 195 m$).
But, their capital employed was only 80 m$ given that the level of cash.
Based on this capital employed, they have a return on capital employed (after tax) of 46 %.
So, their P/B of 2.4 x looks quite low based on this level of ROCE.