You seem to have long experience here. I have some questions, as I am new here, BTN just popped up on my "value" screen.
Do you think my conclusions on BTN fundamentals can be summarised as follows?
-BTN has $25M cash in the bank -if we deduct from the $52M market cap the $25M cash, then the company working capital is cca. 27M, -and this money is in a $12M plant and cca. $15M inventory -last year BTN made cca. $10M earnings, so the real operating PE is closer to 2.5 ratio -BTN has nice order book for 2012 -next year estimates are at $0.80/share earnings -and they initiated buyback program now for $8M?
Your numbers mentioned look on target and your questions are all good ones. I have held this stock on and off over the past few years. I still own some but had decreased my bet awhile ago as I find their management team in general, way too slow in addressing shareholder concerns. Good thing these guys didn't work for me. They would have been gone already.
I'm no valuation expert but IMHO I would reasonably expect this stock to be more accurately valued at least $8.00 a share...essentially a double from current pricing. Their buy back announcement should help keep a nice floor under it for a good while. Hopefully they actually will use the full $8 Million.