Greystone Logistics Inc. (GLGI)

[Phaedrus77]

You need to factor in debt & the preferred stock when you're using EBITDA. Debt is about $20 million (excluding the debt owed by the VIE for the real estate), and there's $5 million of preferred stock. So about $32 million EV before today, or 3.2x EBITDA if (and that's a big if) you assume $10 million of EBITDA.

It's also paying down about $1 million of debt per quarter, so if you assume the EV stays constant, that means equity value would increase 3.5 cents/quarter just from the debt paydown. Of course, they keep borrowing money to buy equipment, so net debt hasn't started decreasing yet.