Where did sellers come from?, page-10

538m is their NET asset position. Remove intangibles, and net tangible assets are 304m, then divided by o/s circa 175m = 1.73/share NTA.

Now, I'm not using NTA as a primary valuation methodology. But on almost any multiple valuation (p/e, p/cf, p/ebitda, ev/ebitda etc) BKN is cheap.

re: debt, yes it's a little high but you forget they will pay down debt. Net of capex, on ebitda of 110m, their operating cash flow should be circa 45-50k. And don't forget, we are in a global long term low interest environment.

I wouldn't even have a problem with a small secondary equity offering, but obviously not at $0.68/share.