net debt/equity of around ~250% fairly flat revenue growth until 2013 ~$300m - $320m Market cap of ~$250m Positive profit not likely until 2013
But with all that said:
The millionaires factory SOTP DCF = $0.60 and RBS SOTP DCF = $0.80
Both with a buy rating.
IF: 1. They pay down debt further (they say they will) 2. Don't breach any debt covenants (2011 will be close, netdebt/EBITDA limit is 8.5, forecast is 8.3!!) 3. Spin off the yank assets (likely)
We should see investors return in droves.
Hold on tight until then!
IFN Price at posting:
30.0¢ Sentiment: LT Buy Disclosure: Held