FWIW, I just ground thru the Natuzzi numbers for my first time since like 2003. I'm not sure that I see any discount. I'm worried by the continuing high capex in the absense of revenue improvement. I think free cash flow may be a good estimate of owner earnings -- perhaps 30 to 35 million euros per year, or 36 to 42 million USD. Multiply that by a P/E of 12, and you get roughly today's share price.