Ann: ASGL Trading and Profit Guidance Update, page-11

Yep been following this IPO as well - classic 'manufactured' company that is now suffering some teething problems.

At $16m market cap, trading at 0.5x book value ($32m). However, balance sheet is dominated by intangibles (i.e. 'goodwill') of $24m. So if the directors / auditors took a dim view of the asset valuation then you could get some write-offs.

No debt so seems ok from a solvency point of view - but wonder what impact the hiccups have on operating cash-flows & working capital? Hard to gauge how much they will need to eat into their cash holdings of $4m.

Market will take some time to get over this but certainly an interesting little company @ these vals ...