The problem with the balance sheet is that it is pumped up by...

The problem with the balance sheet is that it is pumped up by intangible assets including a lot of Goodwill.
When you strip out intangible assets and goodwill completely, you have NAV/share at around 13c.
Problem is, it is very thinly capped on a net asset basis, with 984 million of assets (exlucing intangible/goodwill), and liabilities of 950 million.

So you investment decision should really be if you see value in goodwill and other intangible assets, as when they are added back, your NAV goes to about $2/share.

DYOR