Where to ...supply base?, page-62

You can't call yourself a value investor and then follow what others are doing.
I look at the gearing ratio which is net debt/net debt + equity.
STO's gearing ratio is 32% MRM is 100%.
Then you could look at market cap to debt, the ability of a company to raise capital which is a good thing for shareholders as opposed to a firesale of the crown jewels a.k.a non-core assets.
STO is 200% MRM is 25%.
STO has 10× the debt of MRM but 17x the assets.
Then debt to EBITDA STO is very weak at 7x but no where near as putrid as MRM at 17x.
Fingers crossed I guess. If this pays off you will have earned it.
The asset value here is not repeat not the liquidation or scrap value as you continue to incorrectly claim.