EV / EBITDA looks cheap. But even after deducting cash, the sale...

EV / EBITDA looks cheap. But even after deducting cash, the sale of assets & CR from debt, debt is still 217m.  Market Cap is 286m, so adjusted net debt to market cap is still around 80% & lenders dont like it when the market cap falls below net debt. Is this the last CR from VRL? im not sure.  I would like to see the balance sheet & operating performance  for June 2018 before making an outlay. But if indeed it breaks out of this poor two year performance & returns back to normal levels, then there is no reason why it cant get back to $3.

I hate getting into stocks with potential CR when the proceeds are for debt reduction. I would feel more comfortable waiting for confirmation that VRL is back on track even if I have to pay over $2. That said, if it falls any lower, I may have to buy.

	Column 1
0

	Column 1	Column 2	Column 3
0	Cash	75,710,000
1	Wet Wild Sale	37,000,000
2	Capital raising	51,000,000
3
4	ST debt	7,044,000
5	LT Debt	373,918,000
6	Market Cap	286,491,412	15-July-18
7
8	EBITDA	88,000,000
9
10	EV / EBITDA	5.72