It is certainly puzzling how the market values this at (hopefully) year-end cash. Valuation is probably not the hard part - with pretty pessimistic revenue declines - this should be close to $2 per share. This company selling close to -ev is pretty hilarious even with these problems, I don't think there is much to say about this matter.
I agree that this is just too small and too boring stock for most people to own right now, although it's interesting how much more interest there were years ago. Easiest way to attract more attention would be sequential quarterly growth but given the lumpy business and especially that monster quarter it's pretty unlikely. Without corporate actions, worst-case scenario is probably stock price following cash value until realization of value, good return nonetheless. Kostecki family has still built a pretty good business, but it's a shame that they haven't yet done actions that would be beneficial for both sides. I wonder if they are just being very conservative with balance sheet and/or avoiding increase of share price until tender offer, otherwise even small buybacks or dividends would have been better for them than sitting on cash. It would be pretty horrible if they didn't give thought to that cash even from their own (financial gain) perspective, at least Indonesia facility sale was something material. Oh well, maybe crossing the magical 20 million cash will do the trick. :)
I skimmed through old posts in this message board a while back, it has been interesting albeit frustrating story. Hopefully there will be a happy ending for both long-term shareholders and the family.
AI
