If CVN has 673M shares on issue at 35 cents, that's a market cap...

If CVN has 673M shares on issue at 35 cents, that's a market cap of $235M. And they seem to be (roughly) adding about $10M net a quarter to their cash balance, give or take, with perhaps potential for this to go higher although falling oil prices will affect this as well. They have $31M in cash, which is about 5cps cash.

PPP has 588M shares on issue at 22.5 cents for market cap of $132M. And they seem to be roughly adding about $20-25M net a quarter in cash, although this will decline as Tui production goes down. They have about $70M in net cash which is a little over half their mkt cap. They will shortly start to generate a reasonable amount of interest per quarter as well.

I like what CVN are doing, and I think they are a progressive company, but in this very harsh market peer comparisons are going to be very important. CVN does have good mgmt going for it whereas PPP has no-one at the wheel at all.

However, CVN at 75 and 80 cents, that was ridiculous folks. I know someone with a whole lot who should have sold out at that level. The value was not there.

I think CVN is starting to become reasonable value in the low 30s, but on a fundamental basis was significantly overvalued for quite a while there. I think the massive decrease in recent days is almost wholly margin related where people are being forced out.

Interesting times. Hard market. The deleverage effect of the last 6 months is sucking wind out of the markets, for sure. And this leverage will not return as most of the major banks have severely scaled back their margin lending.