UNDERVALUED BY 150% and due a re-rating ?

Am I sure?

Well they had debtors and creditors that more or less cancelled each other out and then cash in the bank of £5.8m.

£5.8m divided by 17.3m shares = 33.5p a share in cash.

If you assume they have £7m in cash by this year end they would have 40p a share in cash.

25p a share special divi shouldn't be a problem if they don't have anything else to spend it on - not saying they will but it's there as an option.

If you wipe off the cash the share price is 185p or so. Assume NRG will do 20p eps this year and the PE is 9.

A few assumptions there but shows how cheap these are when you pull them apart.

CR