Based on the performance of the past 2 years, I wouldn't totally lay the blame to the management team.
It is the market, the industry.
Whilst TTN still has credibility, the risk of investing in this company is huge, even on today' SP.
If someone says he can estimate the fair value he must be kidding, because there is nothing you can base on.
EBIT will be lower than there stated 10 - 12m, page-47
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