Perpetual has been lading up over 11m since the big drop to 47c....

Perpetual has been lading up over 11m since the big drop to 47c.
I reckon the worst time is over and slow recovery is under way.
Positive cash flow for the first half year +$3.6m
Low gearing ratio 18.3%
Gross loan facilities $87.85m
Used loan facilities - $48.8m
Undrawn loan facilities $39.05m available

Second half year usually has large operating cash flow, around $8m
EBITDA for second half between $22m to $26m

Without one off provision adjustment, FY2016 EBITDA would be $43m.

Conservative Valuation = $43m x 5 - net debt $32m = $1.06 per share

For listed companies, usually use PE which results in a much higher valuation in this case.

Top 4 shareholders, hold around 68% of the total issued shares.
Once all these negatives have been absorbed and forgotten, share price will rise, IMO.

This stock would be silimar to SWM as I posted four months ago, is a safe and "low" return bet.
(SWM +31% in four months)

I expect SHJ to head above $1 over next few months.