Trading at cash and receivables and PE of 4, page-10

You appear to be saying the same as what I indicated. When comparing ROE to cost of equity the investment will, in theory, trade at a discount to book if not achieving its required cost of equity. As all the cash on the balance sheet dilutes ROE this reduces valuation unless there is a clear use for the cash that will generate cost of equity...The cash on the balance sheet may create somewhat of a share price put, but it also makes the balance sheet very lazy. If that cash was returned, used in buy back or earmarked for a clear project with Expected returns north of cost of equity I would suggest we should already be trading at a premium to book...