Ann: Full Year Statutory Accounts , page-6

Agreed on the majority of your findings marmaduke, specifically around the BeyondD business... However, even if I assign no value to this section of the business, I fail to see how it's overvalued.

Trading on a P/E of just under 11 ($1.64 at time of writing) , with a cash holding of over 10% of market cap AND with growth in the pipline (through both my estimates and yours), it's not expensive at all.

The Production and Copyright business is highly stable (although I thought otherwise initially), so I can't see why the significant reduction on P/E.

I would be buying more of those around the $1.30s