wanda sheft is the sister of houtin?Where did john elliot go off to?Lloyd Miller is a wealthy man?Could John of quit because the company will be sold?What could it fetch minus the cash?????????? The Orlando property any value?
Yes, Wanda Sheft is the sister of Houtkin. I don't know where John Elliot went to. Yes Lloyd Miller appears to be rather wealthy.
I have the operations valued at something near a range from $70 to $75mm. Add the cash of $55 plus any remaining payments from the partnerships and any residual value from the windup of those operations and you get a floor value of $125mm and maybe upwards of $150mm or more. That compares pretty favorably with the $88mm the street values the company at which places a value of $33mm on the remaining partnership payout, residual value of the partnerships and the ongoing operations. This is easy money.
Look at the multiples the market has on Astec and Granite (probably Gencor's closest comparables). Gencor will never get those high multiples, due to management's control of the votes and the stock's low float, but it should get higher multiples than it currently has based on strong growth in road construction.
I agree that an Enterprise Value of $80-90m is not unrealistic, taking the Market Cap to $130-$140m.