Marc, the "value" of a share reflected in its price is not only a factor of NAV, but Past earnings, Future earnings, Sector outlook, Dividends, Management skill etc etc. So on NAV it maybe a bargain, but as an investment - well you need to take a look at the company as a whole.
I understand that all those factors effect market price, Bruberi, but surely once the market is more bullish, the market price will correct itself and come in to line with what the share is worth, NAV will be the bear minimuim. The only time a share should be trading under NAV is when losses are forecasted in the future?????