Hows this for some rough analysis (there are plently of OZL...

Hows this for some rough analysis (there are plently of OZL junkies in here to correct me if Im wrong).

NTA about $8.08 per share
Surely at least $4 per share (like I said rough correct me if Im wrong) to be squeezed out of Phill over the next five years or so.
=$12.08
Share price = 9.81

Discount = 23%

So theres 23% before even taking into account any good future outcomes.

Sure management went to hard pre GFC and the company lost its direction etc. etc. but they are cleaning up the mess conservatively and patiently. With their conservative outlook we can be optimistic about a 23% margin of safety with potential for positive future outcomes.