At the risk of repeating myself for the umpteenth time, TVX is an asset play. The assets are as follows:
---cash $75 mn
---operating JV with Normandy Australia covering Western Hemisphere $150-200 mn
---Greek mines up to $400 mn at current gold prices (10 mn oz resources in the ground with cash cost well below $100 per oz)
---$250 mn face value of convertible notes due 3/2002 that have a market value of around $210-220 mn
there are 36 mn shares outstanding
Do your homework, make your own assumptions about the value of Greece and do the math. One could make a reasonable case for a value of US$7+ per share at current gold prices, with leverage of an additional $1.50 in net asset value per share for every $10 increase in POG.