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Remember that for only $21.5 million someone could take this decision out of the hands of management! That's part of the "hurry up" pressure. That's 51% of shares at today's price.
Book value = $145m giving Book value per share is $4.65.EV is about $160m.EV/EBITDA = c.5 which is average...so company is performing okay...and value should be at least EV.In H2 of 2009, the average price/book value paid for companies in EU was 1.9x. Transport companies are likely to be significantly less.Haven't updated my FCF analysis since the Q1 results but quick crude analysis suggests that if FREE just kept churning in similar results as Q1, then $5 is a fair valuation.So, looking at it from 3 angles $5 is a fair price. If the company can't find anything better to do with their surplus cash, they should RE-BUY their own STOCK rather than pay a dividend.sjm