What is the value of PRG?

Very interesting to see that Retail Apparel Group was sold to Foshini Group during the week. According to media reports, sale price was just over 2x net assets and more than 6.5x EBITDA. Bodes well for PRG at 50c and about 3x EBITDA.
The business is well run, has a good brand portfolio and, very importantly, has no debt. We are in the midst of an extended retail downturn, so don't expect good macro news in the near term, but the fundamentals are sound and if you are buying now, the cyclicality in retail stocks is your best friend.