Dealer64 I think you also need to relook at your figures.CSE...

Dealer64 I think you also need to relook at your figures.

CSE have 106,844,810 shares on issue (see Appendix 5B released with last Quarterly). I can see that you have taken the 2011 weighted average number of shares (126.64m) from the 2012 annual report. This is not the current number of shares on issue.

If you look at prior posts by ASXIOU it appears that the 11.0m shares held by CSE in SYR have a cost base of about $2.0m - lets use that number for this calculation.

Cash on hand at 30 June was $2.76m with total cash used in running CSE for the June quarter being $164k. Lets assume that they used $200k in the Sep quarter. That gives CSE $2.55m cash as of 30 Sep.

Current value of 11.0m SYR shares is $26.95m (at $2.45 thugh I note the price is creeping a bit higher). Profit is therefore $24.95m which creates a potential tax liability of $7.485 - say $7.5m.

Value of CSE is therefore $26.95 - $7.5 + $2.55 = $22.0m

$22.0m/106.844m shares = 20.6 cents per share.

On this basis it is undervalued with the last trade at 19.