MTR valuation12 Apr 2019 08:27
MTR's stake in MOD is worth Β£14m based on my maths (31.8m shares and 40.6m warrants with nil exercise price)....
So the market is only putting a value of Β£6m on MTR's other assets incl cash (market cap Β£20m). If cash is Β£3m, then only Β£3m for Kalahari, other listed investments (Veta, Greatland, etc), T3 royalty, etc. Looks cheap to me.