reinvested/flipped6 Dec 2013 11:05
back in @12.05
...not (yet) cheap as chips imv
...markets weakish, management ok and aligned
...but NAV support v strong...so 2.25-2.5/3 on Jolly M score
...and cash profitability great (even EV/EBIT is not too high...and discrepency is depreciation I guess which relates back to v high NAV v MCAP!!)
...so cash generation of c£1.6m versus MCAP of £5-6m
...(only 3X!!)
..is superb imv
..aaoo/dyor