Book would have been about $2.32 if not for the million share grab, which was apparently somewhat offset by the options he gave back.
Diluted shares out went from 3.646 to 4.326 million, an increase of 680,000 shares.
But the bottom line is we have been diluted to heck and back to the tune of 36.5 cents per share.
So, we are left with a company that earned 9 cents and trades at $1.40 (rough midpoint of the bid/ask)
Roughly a 15.5 multiple.
I guess one could argue that if they earn 12 cents next year and maintain the same multiple, the stock would be $1.86, a nice return from the current price.
But, 15.5 is a rather high multiple for a financial stock.
I own NICK and its trading at a multiple of 8.5 and its up because of a buyout offer.
Our risk is what if Assaf decides he wants another million shares worth of motivation ?
What if they incur a loss thats not reserved for ?
I havent been through the 10k, the above is just from a glance at the PR.