Basically, NTA increases by the net value of the capital development budget, which itself is increasing -- $103M for this year if I recall correctly -- plus the net increase in existing assets.
Solomon is growing a big company out of almost nothing two years ago. There are now 6 fish farms selling, being constructed, or under contract now vs. 1 glimmer then. Same idea cattle farms.
This year will see the introduction of an import export business, a supplier and equity position with a restaurant chain, value added beef sales, a marketing and distribution network, and retail stores. None existed last year.
So, yes, a diversified, integrated set of expanding businesses with rapidly growing assets.
The $1B NTA question is less important to me than the cash flow and uplisting which will occur much sooner, as I hope will the answer to a more interesting question: can a $1B market cap be envisioned?
"All" it would take is a forward p/e EOY 2013 of 9.8 for a dual listed company, assuming "just" 50% YoY income growth achieved in 2013 (after meeting 2012 guidance) and projected for 2014.
So, since it's at least arguable that the market cap will reach $1B before NTA reaches $500M, maybe we concentrate on the milestones that get us there:
reaching cash flow positive, signalling the end of share issuance meeting operational and financial goals publicizing to the investment community uplisting/dual listing spin outs
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