Any thoughts on the valuation of MYE post the sale of Pybar?
balance sheet as at 31 Dec showed a equity valuation of just $44.5 million. Since then we have:
made $19 million (30 April quarterly report) - I believe a quarterly record.
sold 40% of the company (pybar) for $65 million
paid down $60 million in debt.
to be conservative and just looking at the balance sheet, if the remaining Metaroc valuation from the 1/2 year report was added to the $65 million received (in cash and debt pay down) the balance sheet valuation should be approximately $90 million. ($25M plus $65M. this places no value at all to the huge last quarter ($19 in earnings) nor does it place any value in the reduction in debt liabilities of $60M to a cash positive balance! the reduction in interest cost compared to last year should add at least $10M to earnings.
current market cap is just $73.6M
my rough calculations have it sitting at an approximate discount of 25% however it is clear that their valuation as at 31 Dec was far smaller than what Theiss had it at so I'm guessing they have written down assets too far in the past couple of years.
MYE Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
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