Markets discount cash in situations where they don't trust...

Markets discount cash in situations where they don't trust management and/or just becuase cash isn't exciting. In my experince on a long term basis companies trading less than cash backing are a good deal. Sentiment turns so management that wasn't trusted gets booted out or regains trust. Also the cash is generally spent in the end on something with some excitment factor.

In the case of MEO it's JV partners obviously value the assests as worth mroe than zero. I'd hazard a guess of 10-15 cents a share for their non cash assets if they sold them.

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