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Based on the 20-F I calculate a current value of the GRVY of 2.60 per ADS. I used conservative Graham criteria for the balance sheet value (1.34/ADS) and determined a NPV of FCF using 0 growth and 18 percent discount rate of 1.28/ADS.Appreciate feedback.It appears a reasonable hold at this point.doc
In my eyes GRVY retains its status as a free call option on the success of Ragnarok 2, even though we are all hating the wait.....
I agree. Low risk with a large potential reward.doc