Theory and the real world don't always agree. Net book value is what? Share holder equity, the difference between assets and liabilities. Much of those assets are intangibles and it�s questionable as to the price that they are actually worth. With all the aggressive accounting that has occurred in the past decade the numbers are all suspect.
Moreover, the balance sheet is only a snap shot of the financial state. How are the trends? Why is net book the minimum if it continually trends down? People in the market are trying to predict the future.
In short the net book is only one indicator that can be used as a rule of thumb, but must be considered with a myriad of other factors.
What would you say is the biggest factor? I might proffer that it�s the micro economic condition of the telecom industry.
Well they can't have too much value as PTI just walked off with the crown jewels from Intel, the Ziatech product line. And they got it for a song. PTI is now THE player in the game. Radisys, a has been.
I don't know that I would call a collection of STD32, cPCI, 2.16 boards and a few chassis the Intel crown jewels. At lest no more valuable than the Multibus acquisition by RSYS a few years ago. Not a bad investment for Intel, what did they pay for this company, 2 or 3 hundred million? Then they turn around and sell for 3 million? Sounds like they were unloading some baggage to me.
I see this as a good thing for RSYS, who would you rather compete with, PTI or INTC?