As per the news release this morning, the iron ore deal with China's Nanjinzhao Group is going through as planned, with $58m paid and $30m to come on December 31st.
So if we check the last quarterly we note that CDY holds net assets of $44m. To that we can add maybe $14m due to the continued upwards valuation of ITH.to. Then let's add the $88m being banked with the Chinese this month.
So, via the ballpark math we have $146m in assets (a lot of that liquid assets) and 58m shares out. That's around $2.50 per share. This would mean that the current U$1.37 per share pre -market price is a total bargain except for one small detail; the company is run by self-serving crooks and will find a way of ripping off the retail holders somehow. As such, it's still totally avoidable no matter how cheap it looks on paper. DYODD.
So if we check the last quarterly we note that CDY holds net assets of $44m. To that we can add maybe $14m due to the continued upwards valuation of ITH.to. Then let's add the $88m being banked with the Chinese this month.
So, via the ballpark math we have $146m in assets (a lot of that liquid assets) and 58m shares out. That's around $2.50 per share. This would mean that the current U$1.37 per share pre -market price is a total bargain except for one small detail; the company is run by self-serving crooks and will find a way of ripping off the retail holders somehow. As such, it's still totally avoidable no matter how cheap it looks on paper. DYODD.
Pisco sours served. The end.