Updated valuation attached. My conclusions are:
- Valuation is 0.7x P/BV or 0.6x if you value ATMA at TBV.
- The holdco is hugely underlevered, with $170m of cash and only $8m of liability.
- ATMA is clearly undervalued and Nova Pioneer is exciting but neither really moves the needle.
- The rest is stodge: cash, loans with little upside optionality, and AGH, which hasn't performed in years.
- I don't really see where the performance comes from, at least until they have deployed more capital, and frankly their record on that isn't great.