KPC Book Value & Peer Comparison

One of the things that I find quite interesting about this stock is the Book Value (“BV”). For those that aren’t familiar with the term, BV is (from www.investopedia.com); “the net asset value of a company, calculated by total assets minus intangible assets (patents, goodwill) and liabilities.
BV is the accounting value of a firm. It has two main uses:

1.    It is the total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.
2.    By being compared to the company’s market value, the book value can indicate whether a stock is under- or overpriced.”

A Price/BV of 3, for example, indicates that the Market Cap is 3 times the net asset value of a company (or in other words; the SP is 3 times the net asset value per share – people are paying 3 times the price of the ‘liquidation value’ of the stock, to own shares)
A peer comparison shows the following Price/BVs (these can be verified on msn money, yahoo finance, etc) :
Potash Corp 3.57
Mosaic   1.49
Agrium   1.96
Reward Minerals    3.07
Potash West   2.94
Fertoz 4.68
Highfield Resources   1.87
South Boulder 2.79
General Mining   2.67
ActivEX   1.00

Average of the above values is: 2.60.
If you take out the 3 big producers (Potash Corp, Mosaic and Agrium) the average is: 2.72.
KPC’s current Price/BV is: 0.29.
Book Value for KPC is Total Assets ($403,746,115) minus intangible assets ($31,944) and liabilities ($79,599,978) = $324,114,193.
Market Cap for KPC is $94,171,309
Price/BV is Market Cap divided by Book Value = $94,171,309/$324,114,193
Looking at the current Book Value, theoretically if KPC were to be liquidated tomorrow, shareholders would receive 75-79c per share.
If KPCs shares were trading at the Price/BV peer averages above, they would be $1.79 or $1.88 per share.

And this has nothing to do with Satimola of course.