Fundamental Analysis,, ideas as to how to value ERM, page-4

Do all the fundamental analysis you want, until the market recognizes that value it is irrelevant and while the management continues to fail to sell the fundamentals the market will continue to not recognize them.

I would also point out that while fundamental analysis has said this stock has been massively undervalued for years, the fact it has remained undervalued for that long has impacted the value of the fundamentals.

So due to a "fundamental" flaw the value is $26.76m