Seldom see such steep discount-to-NTA for a profitable business

Ahead of my mid-winter break for warmer climes, I brazenly bought some shares in this poor quality business today, while waiting for a flight.

And before anyone asks, yes, it is not a good business by any measure, but it is significantly overcapitalised - like FIVE times - relative to its market value. And that it is generating free cash flow even when utilisation rates for its gear is at record lows gives me a n added degree of comfort.

This sort of thing can never be a significant portfolio position, but the return-risk profile looks salivating enough.