CKC, Good points and it's nice to have some rational discussion....

CKC,

Good points and it's nice to have some rational discussion.

With the segments, you still can't split out a segment and apply a P/E multiple but not take into account the head office costs, especially when they're $17m.

Liquidation value is just a number that represents what you'd get out of the company if you wound up the company and sold the assets over a short period of time. I just use it to help provide a floor valuation. Liquidation value isn't a good representation of what it would cost for a competitor to create a similar business.