Mongolian Mining Corp. (MOGLF)

[Ponch73]

Spent some more time going through past annual reports.

What's amazing about MMC currently is that its enterprise value (not merely its market cap) is essentially equal to the last 6 years of capital expenditures (and bear in mind that 2016 cap ex was only $10M USD).

While I haven't researched this phenomenon extensively, I would think it is somewhat uncommon, even in cyclical, capitally-intensive industries, in instances where fraud has not occurred.

New York Times at its lows in 2009 might have been another example of this. Maybe telecom infrastructure companies in 2001. Not sure I can think of many more examples off the top of my head.