Market cap: 132m (=$2.2 per share)
From mid-year report
Net assets: 220m
Goodwill: 65m
Gross Debt: 55m
Cash: 9m
Write down all goodwill to zero and you would still have net assets of 155m. A naive net debt to tangible book value ratio is about 30%. However if you subtract out Osprey village from the balance sheet which should be 40m asset against 40m debt secured by a government contract the leverage is much lower. If you truly think this company is worth only 90m (=$1.50 per share) and are correct you must know something that isn't publicly available. For this to be true 100% of goodwill and 40% of tangible assets will effectively be written off. The company has given no indication publicly (yet) that results are this bad.
Market cap: 132m (=$2.2 per share)From mid-year reportNet...
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