great post. always good to see comment backed up by detailed analysis and practical insight. a word of caution re the p/e of 3.5 - this appears to be based on forecast earnings per downgrade. however even if full year profit comes in at $20m ie a significant drop from pcp, this implies a p/e of 10. the key risk is the impact that impaired assets have on the p&l and the balance sheet. this is a big unknown, which could blow the current p/e a p/b away.
great post. always good to see comment backed up by detailed...
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