I don’t disagree with you and my sentiment on ASL is a buy.
But NTA’s should be taken with a big pinch of salt.
The liability component of balance sheet items is pretty cut and dry but the assets are fair value estimates by people. Ie, they’re opinions which may have bias.
Eg ARI had an NTA of 20cents before it went into VA.
You only need to look at what the auction houses are selling mining equipment for get a gauge for true market value.
While we’re still in trough of biz cycle for mining services I think all companies should trade at some discount to NTA.
Value Opportunity, page-68
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