Using financial ratio's on AHF is a tough one at the moment as...

Using financial ratio's on AHF is a tough one at the moment as they tend to throw up some mixed messages, especially when you try and apply to them to the half year results. But either way it doesn't paint a pretty picture for any institution wanting to take a position and given they don't do any broker/analyst roadshows or get any independent valuations it will stay in the investment back blocks until a catalyst occurs. Using the NTA to find the bottom price is not a bad thing to do as it indicated where your risk sits and this tends to indicate that the current share price is about as low as it will get, maybe fall to 12 cents at worst. Even trying to use pro-forma ratio's is fraught with danger for AHF at this point.

The current share price does not indicate any favourable sentiment by the investment community nor does it have an sizzle (i.e. premium based on forseeable positive things in the future) in it due to anticipation. If this did exist then my view is 30 cents but the lack of strategic clarity and measurable objectives underneath this with trackable metrics denies the ability to see too far into the future.

My main concern right now is so long as the quick ratio stays above the 1.0 mark I am ok to support sitting it out for now. It needs a concerted Strategic, Risk, Communications and Reporting regime amongst other things to get mobilised and I don't know where that will come from with the current structure.