Hi Risk, I agree with your figures. However, I think the...

Hi Risk, I agree with your figures. However, I think the multiple for ERST could be lower - more like 6 to 8 times? as the business is probably poorer quality than URGENT and URGENT with its higher quality was going to be sold at something like 10 times (underlying). Though I would be very pleased if your estimate is correct. It seems the sum of the parts are worth at least 2 times MC with cash stripped out. Just a matter of realising this value, which is the problem at the moment!

Curious to hear what people in the software industry think ERST is worth.