You won't get the right answer if you try to value a mining, exploration, IT or biotech on its asset backing per share. The reason is that typically the greatest value in the company is its intellectual property, or its potential. Even the asset backing of a long standing, successful industrial/biotech company such as CSL Ltd bears no relationship to its market price: NTA $5 per share, Net Book $7 per share, market price $80 per share - 16 times its NTA and so could be described as much worse value than BYE's 4 times its NTA!
I suggest you call Morgans and ask for a copy of their report. I understand that it is an extensive report by a reputable analyst who is familiar with the geology and prospects for drilling in shallow water GOM. In other words, I'd place a lot of credence on his work. For further reference, suggest you read my post no. 13864480 of 24 August that summarises BYE's situation. In it, I've suggested that BYE will be trading over $1 after the next well is drilled.
BYE Price at posting:
65.0¢ Sentiment: Buy Disclosure: Held
