Lower lows for NWH, page-56

NWH is trading at a bigger discount to asset value than ASL because of the debt. ASL still has a lot of net debt whereas NWH has next to none.

The ratio you should be looking at is Enterprise Value (mkt cap + net debt)/(NTA + net debt).

Since NWH has negligible net debt its EV is approximately $124m against NTA & net debt of $386m - a ratio of around 32%.

ASL still has an EV of around $510m against NTA + net debt of $1,132m - a ratio of 45%.

So on asset discount metrics, NWH is actually cheaper than ASL.

Both are going to take an impairment hit to PPE so there aren't entirely accurate but you need to factor in net debt when doing asset discount equations.