Ann: Full Year Results - Investor Presentation, page-49

What I like about this name is that at current levels, stock can appreciate 40% before even getting to NTA.

NTA doesn’t seem to even include $21 mil of unutilized tax losses: which become economic once business is profitable.

EBITDA to cash conversion should be extremely high given better terms with customers and tax shield that this businesss will have over coming years.

This is not to mention that NTAs are typically pro-cyclical in these businesses. A comparison to Emeco isn’t all that far fetched.