China athletic footwear outlook, page-147

I have been looking to value the shares in XPD assuming an ongoing basis. There are a few elements to take into account.

1) At the 31st December if the bank balance was say $57m based on 437m shares  this would be 13cps in cash... if this was to be distributed the tax impact needs to be taken into account.

2) The value of the investment in the buildings assuming the book value of say 15m would give another 3cps

3) If XPD generated profit of around say $9m..for the year ended 31 Dec 18... this would be  2cps.     assuming a reasonable PE ratio of say 5 x... this would give a value of 10cps.  ie 2 cps x 5 = 10cps

If we add up the 3 elements then the value per share would be around 26 cps...

The business operations of the company makes up a reasonable % of the overall value. Even if the PE ratio used is a little less it still has value.

The big assumption is that the financial  accounts are accurate.

It would be good to get any thoughts on this...