Take out the intangibles D and the current price is up there.
Gotta mentioned the Liscenses. I understand they are limited at this stage to 140 which isn't a lot for the population. That is a big off balance intangable when electric vehicle manufacturing is in an explosion mode. 30% of new vehicles are likely to be electric by 2025.
Which is sad because I Love my V8's. The Tesla is very desirable and faster but sooo quiet its not proper.
On the property side of things the Factory and Staff Accomodation is on the balance sheet at historical cost of circa $7m. Its in a growth area which is being fed by some new railway infrastructure that goes right past the door and could increase the value to way more that twice book.
Add a conservative $7m and you are up to 18c.
NAV will of course become irrelevant if the sales kick in and a strong EBITDA is reported.
VMT multibagger, page-28
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