Net TANGIBLE Asset/Book Value is at 148c agreed, I'm not disputing that. I am talking about Current Asset Value, which is all their CURRENT assets minus total liabilities, which is at 48c. So in theory they would be able to pay off ALL of their liabilities with only their current assets, and still have 48c per share left of current assets plus all their fixed assets. Since any fixed assets (machinery, buildings etc) and any intangibles and goodwill are excluded from the NCAV calculation, one is essentially paying nothing for them at 48c per share. Its just another so-called margin of safety. Having the price sitting where it is now compared to tangible book value is a margin of safety on its own, but being in a very good debt situation, as they currently are, with the net current asset value at 48c, is an even stronger margin of safety. All of this coupled with their business recovery trajectory makes for an interesting investment case.