market depth/price target, page-7

I think the current shareprice is justified because ACE appears all over the shop with its financials. We are yet to see how the money raised recently has been utilized, and how much is coming in from the income stream from the Tata and Norinco contracts and what is the ACE debt position. When these things are cleared up (possibly in part in the next report), investors will have a much better understanding of what ACE is doing and where it is going.

Should things improve for ACE...eg increase revenue (TATA, Norinco), positive earnings, paying down debt position...then the value of the management team should be multiplied for escaping the absolutely dire situation that ACE was in 2009.

Time will tell.