PRTHBULLISHFLIPPEDYET ANOTHER VALUE PODCAST · BEARISH IN SEPTEMBER → BULLISH IN SEPTEMBER

Sum-of-the-parts valuation implies >100% upside

The case was made that a conservative sum-of-the-parts valuation, using a recent comparable transaction for the merchant segment, implies over 100% upside from the current share price.

Zack Buckleyfrom Buckley Capitalon Yet Another Value Podcast

YET ANOTHER VALUE PODCAST CHANGED ITS VIEW

BEARISH FOR 0 DAYS, THEN THE TURN

THEN10 SEP · BEARISHThe bearish case on the chairman's take-private offer was that the $6.00-$6.15 bid was a premium only to a recently cratered stock price, not reflective of intrinsic value, and represented an opportunistic move on an illiquid stock.NOW10 SEP · BULLISHThe case was made that a conservative sum-of-the-parts valuation, using a recent comparable transaction for the merchant segment, implies over 100% upside from the current share price.

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