Torday & Carlisle - More in the pipeline

Tryabitharder:-

Based on E Woods doing £3.0M for the year (H1: £1.51M) and debt (pre Solvitol disposal) being £3.8M, my valuation model is

                                Bottom                 Top

E Woods (FY EBIT - £3.0M)  x7 = £21.00M     x10.5 = £31.50M

Solvitol                        £ 3.25M               3.75M

Less: debt                      £(3.80M)             (3.80M)

Less: HO closure/costs          £(1.00M)             (1.00M)

NRV                             £19.45M              30.45M

No shares                       12,043K             12,043K

NRV/Share                        161.5p              252.8p