is there light at the end of the tunnel?, page-11

I wouldn't call it a last gasp. I'll call it a deep breath. There are some positives.

The balance sheet shows a considerable profit. That profit is mainly down to a revaluation of assets. CNP has negative equity based on a severe downvaluation of assets, that is slowly being reversed. Assets are valued at much less than replacement cost, a continued revaluation on the upside could give CNP more breathing space.

One of the best assets held by CNP is its shareholding in CER. Because the future is looking good for CER then the positives for CER improve the prospects for CNP. This is reflected in the marketcap of CNP being approximately equal to the value of its CER holding. All else appears discounted.