They had cash of $73mil and debt of about $32m at the end of last quarter. That is a net cash backing of about 13c per share. At an rate of between 5 and 10 times book would place PXS between 65c and $1.30. That would be my range. Still a bit of uncertainty in what happens over the next 6 months.
After the bit of certainty around next steps based on yesterday's announcement I certainly think the trend should be towards 65c.
target?, page-11
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