Based on that post Nick I don't think you have got a lot of real business experience.
Restructuring and performance improvement plans take time to get effective.
Snowball effect if you like.
You just can't use one half year of financials in the MIDDLE of our restructuring and PIP phase and use that as a prediction of future performance.
What is the point of undertaking these exercises if the future performance is not drastically improved?
History is useful in some instances but it does not predict future performance.
That is why the modern world to valuate companies use the discounted cash flow method incorporating estimated FUTURE cash flows.
SGH and our new lenders know that. They now also have to include the 637million pounds lawsuit against Watchstone in the calculation which of course make the whole thing a lot more complicated.
Not a job for amateurs but professionals who have the complete inside information.
My 15% net profit came from relevant research looking into for example profit margins for law firms. The research reported a 19%+ net profit for large law firms. To be conservative I then applied the 15% in my guesstimate for SGH (they are after all a very large law firm).
I am in no way criticising you Nick just trying to help you
All in my opinion.