Free Rivkin report, page-6

I agree with the sentiment expressed in the report but getting a very basic number (market cap) wrong by circa 60% should raise a few red flags about the rest of the analysis. Also, the concept of "intrinsic value" is thrown around too much by modern analysts. It is referred to as if it is a known number and that the discount/premium to intrinsic value is easily calculable.

Intrinsic value exists but it can only ever be estimated. The best definition for intrinsic value is along the lines of discounted cash flow i.e. that a company is worth the present value of all future cash flows. We can try, but coming up with a precise number for any business let alone a service/contract style company is at best guesswork. Market commentators don't disclose how they calculate intrinsic value, accordingly we must trust them on face value that They have the magic number, I prefer Charlie Monger's method: "My guess is better than yours"

MarsC is absolutely right, estimates don't have decimal places.

Having said this, MND has been on my radar for some time. The very best aspect of Monos is really the culture and quality of management. They run the business like they own it. This is very clear from the longevity of management and the ability to adjust to changing business environments. It's a great thing when a company on the quality radar starts showing up on the value radar. Any significant upward re-rating will relate largely to external factors but their long and successful history suggests when that occurs shareholders will be well rewarded.