DRL currently has a book value of $3.76 / share. They have an additional $2.22 / share of deferred tax assets being carried at zero (figures from their Q4 investor presentation). As we saw in Q4 they can use a profitable subsidiary such as their insurance business to utilize the tax assets. The "good bank" that has been created by putting the bad assets in the "bad bank" will be profitable in 2013. This will enable them to utilize the remaining tax assets being currently valued at zero.
Adjusted book is $5.98 share including the tax assets. At 69 cents per share DRL is trading at .69/$5.98 = 11.5% of book value. Compare to FBP at 88% of book and BPOP at 71% of book.
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