Quarterly, page-236

If the numbers I have seen to date are 100% legit I value it at $100 million easy or call it 20c per share.

If you paid $100 million for SBB that means you have a business that has $30 million in net assets say, comprising of liquid assets such as cash and receivables. (I'd clear debt form cash if I owned it outright)

Making profit of 15 million pa roughly so in 5 years you could be back to $100 million in cash assuming no growth and then earning 15% a year from then on. The $100 million in the bank could also fetch you 3-4 million in interest if correctly deployed.

This is on the assumption of no growth, no online sales launched, no acquisitions and no strategic partnerships. Add in those factors and exposure to the Chinese market and easy to see that 20c is conservative in a normal market, however maybe some China risk is factored in to keep it at 20c.

As SBB will continue to be publicly traded it would not surprise me to see dividends in the order of $5-$7 million a year which is also a 5-7% yield at 20c per share.