Ann: Update - Kobe Auction June 2024, page-24

My opinion is... the accuracy of valuation really comes down to your ability to predict future earnings of the company...
The intrinsic value calc you use is neither here nor there...

TBV is what you get now...
you get 6c cash per share plus 4c inventory plus 2c oyster stock / PPE (around about)
you're paying for it, and getting it now... its worth 12c.

I've ignored terminal value... because its weight is insignificant compared to the variability in EPS in the coming years.
e.g. if Atlas pearls do what we hope they will... if their genetic efforts fix the quality issues... and they optimize value per pearl through improved distribution... and the company grows at CAGR expected for the industry... its worth more like 40c per share...

Until the company can get some stability in earnings, the market will continue to value it at a discount to NTA... and treat whatever earnings are generated as a bonus.