P/B Ratio is currently 0.23, page-27

It is not so much whether the stock deserves to be rated lower, it does with all the uncertainty and yes the risk profile has risen greatly as a consequence.

I would have much more respect for their target prices if they simply said 'we cannot value the company at this time but due to uncertainty believe the current market price is a reasonable base'

These are analysts that typically like to come out with valuation such as $1.23 or $0.97 or $4.69 - odd ungrounded numbers that many will say is because their modelling spits out that number.

That is incredible modelling they must use on SGH to suddenly come out with round numbers like $1 and $0.90 etc...

I'm not sure on this but I think (unlike US) in Australia there is no requirement to disclose covenants and if want to then the financiers would need to agree to that disclosure.