Thalassa Holdings - Re: THAL Stream Log - I have to say that...

I have to say that I find the share price / market reaction a little perplexing. Market cap right now is c. £13m or c. 60p a share. However, a crude Sum of the Parts analysis suggests meaningful upside. Firstly there is net cash of $7.7m. Based on current FX / Shares outstanding that's roughly 28.5p a share. Secondly there is THAL's 23.3% odd stake in LSR, which based on its current market cap is worth £6m or roughly 27.5p per share. Even if you write off the investment in mining to zero that implies value of roughly 56p per share. And that's BEFORE you factor in the operating business which generated $4m last year. Even using a very low multiple of 3x would imply at least another 40p on top. So all in THAL should be worth at least 100p. Now I appreciate the various issues that the market may have with this stock not least the rather eccentric management style and cyclical / bombed out core sector. I for one am hanging on here. There is interesting value upside in the mid-term...