Different companies’ balance sheets look very different. I wouldn’t quite make such a generalization about it being a local custom.
I agree that Kamux no longer looks very expensive on a balance sheet basis. After my own adjustments, I can get the P/B ratio to look below 1, but nowhere near 0.7. Since generating earnings has been difficult, the current price doesn’t appeal to me. There is, however, a price I am willing to pay for Kamux today, and it starts with a 1, just like the share price does at the moment. The cents just don’t match yet.
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