88c target maintained by fox davies, page-3

Does anyone know how Fox Davies got to an EV value of 200m?

EV:
A measure of a company's value, often used as an alternative to straightforward market capitalization. Enterprise value is calculated as market cap plus debt, minority interest and preferred shares, minus total cash and cash equivalents.

Doesn't this make our EV negative?
Not sure how a broker can put out an update and not mention the amount of cash on balance sheet.

I can't fathom how it happens, but even despite the market turmoil, could it really be true that the market is just not getting it? or is it me that is missing something?