Wrong way to value the business - it's a human resources intensive firm and it's value is its expertise. You wouldn't value a law firm based on net assets, or a human resources business like Julia Ross, Macmillan Shakespeare, etc. I could go on. By your reckoning Bluescope is a red hot bargain, it's NTA is up around 5 bucks a share I think, but they can't even turn a profit.
But you are certainly right that it has been terribly managed and shareholders like myself are in the shit on this one. Why Australian firms insist on expanding into the UK and US amazes me.....
HST Price at posting:
82.1¢ Sentiment: LT Buy Disclosure: Held
