Jimmy_C I have had a look at your metric, applying a multiple to...

Jimmy_C

I have had a look at your metric, applying a multiple to "Contract Litigation in Progress" intangible asset, and think it is great!

I too consider IMF-Bentham to be under valued.

My path is via a DCF & EVA assessment, (Hoo Boy!) Which gives me scope to see some of the financial/investment constraints and failings, as well as the operational funding issues too.

I will certainly use your method , as a vital adjunct, going forward, if you graciously don't mind

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Two considerations I think your work & ratio highlights

i) The Case Investment Portfolio, does not square up with the Proceeds from Litigation funding. It seems to ramp (flattish wedge) up somewhat slower.
To be expected, based on the 2.4 year litigation cycle.

But more importantly
ii) Lost Appeals & LCIP-Written Down,have lead to a hammering of profitability, and so too the share price in the last two years. There was a legitimate shareholder apprehension.

So a collapse below your multiple 2 as in 1.92 X (2015) & 1.76 X (2016) is a clear indicator of a mis-priced asset.

The price fell into a broad $1 - $2 range for two years, when a better (more appropriate - even with Lost Appeals & LCIP Write downs) pricing ought to have been well into the $2 plus range. At it's ludicrous low, around the $1 the share IMF-Bentham was a few pennies more that the cash on hand per share!

When this Fortress SPV beds down, and first indications that there are no Lost Appeals or LCIP write downs into 2017, I'd not be too surprised to see this share climb comfortably into the upper $2 range, and say there!

i.m.h.o.

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I do hope our patient dear friend Warrigals has not off loaded too soon!