At 08:53 PM 11/4/2003, you wrote:

What a do know is the 200,000 ALU shares I own are
now half what I paid for them.... with only 2 cent
div for the last year, the IPO was at $2.00 so they
have lost several hundred million of shareholders
money..


Or, you might say, they have invested it in forms that the market does not recognise. It's not lost unless those assets are liquidated.


Looks to me like there are about 88 million shares outstanding. According to the annual report, the company (consolidated) has a net worth (including intangibles) of $130 million. That would be about $1.50 per share.

The market is valuing Altium at about $0.50 per share, I think (?). Intangibles aside, the company has a net worth of about $7 million. Now, the $64 question is:

Is the software and goodwill worth $36 million (the market) or $130 million (the financial statement)? Or what?

Given some companies have paid to acquire software companies, your shares might be worth, if you hold them, substantially more than you paid for them. Or not.

Now, where is that crystal ball? I know it's around here somewhere!

Altium has been buying back its shares. I'd guess it is paying market for them, so it must think that they are worth more than that!



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