nxs underlying profit and cashflows

So i went through the full year results and the company's underlying net profit was 43.1m now that is a lot better than i first thought...operating cashflows were 56m

given the market cap of 146m what am i missing? surely the market should look past those writedowns as they are one off non cash items? so on the net profit they are on a p/e of just over 3 times

the underlying projects valuations
crux 600m (used shell put)
longtom 150m (company estimate)
euch shoals 0 (who knows)

less debt 250m
plus cash 30m

and add to this the long lead items say they get even 20-30m that also adds to the cash

so all up that is roughly 550m value roughly again vs mkt cap of 146m?

i am struggling with all this selling too especially after that result which to me showed the worst was behind them...and the stacking of the 2m shares
at each line...why does anyone do that????

can someone shed some light for me?