AYSI - I think AYSI had another solid quarter of profitability. Cash increased some more and now represents $0.71 per share and the real estate is another $0.23 per share, so $0.94 in cash and real estate. The company has earned $0.16 per share through the first nine months and I anticipate a similar quarter for Q4, which would put EPS in the $0.20-$0.21 for the year. So backing out cash and real estate, we're looking at a P/E of roughly 2x.
Base metal prices have strengthened and there are several articles discussing how base metal mining companies are in a significantly improved financial position relative to the past few years and looking to re-invest in the business while still reducing net leverage. I think AYSI's products play well in that environment. I continue to hold and hope for either a dividend or a sale of the business. I think the next catalyst could be the sale of their land, which they had an offer for and would solidify the balance sheet even further.
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