half year preview

With the accounts due this week I have come up with the following:

Au at 30 June 2013 A$1303 31 Dec 2013 A$1350 with a high of A$1600 during the half year. Bearing in mind production for 6 months is down 20% on prior year and pcp I would estimate a NPAT of $2-2.5M or eps 3.25-4c/share.

This would be pretty good for Au co at the moment.

However I think it will be the balance sheet that will be of even more interest irrespective of the TBR controlling interest.

NTA at 30th June 2013 $42.6M
Increase in value of TBR holding 14.5M
(sp has gone from 130c to 235c)
Increase in value of Au held 13.2M
(valued at cost in balance sheet)
half year profit 2.0M

Total NTA $72.3M

with 60.8M shares this = 119c/ share

RND has no debt (last $1.75M due to be repaid 31 December)
This year the TBR holding has increased in value by another $10M to $40M worth another 16c/share and 66c in total with TBR at 310c.

Yes RND has an unusual setup but with an sp of 50c and I estimate NTA today of 135c and profitable with no debt this is a share that is way undervalued. Am I missing something here where TBR's holding alone is worth more than the current sp?