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Warrigals

I suspect there isn't one best method for this sort of thing (or or anything, really). The business certainly has made very good progress in reducing its costs (more than I was expecting), and so even though revenues continued to fall substantially, trading EBITDA was substantially better than I was expecting. It also managed to get some good amount of cash from its working capital. And it continues to sell a whole lot of assets (no "profit"on sale this time). So yes, the business is certainly monetising its assets - the bankers will be happy and running to Madam's previously outlined script.

On the other hand, the business is definitely depleting itself. Capex is essentially non-existent. Where will this end? I have no idea. Is there sufficient margin of safety? I don't know.

I need to perhaps think about it some more. Maybe next week. By then ofcourse, the price may have shot up. But, hey, them's the breaks.