DPII had about 80m cash at the end of the quarter.
They've announced "aggregate expenses and charges
of approximately $10.0 million" so that will bring
the cash down a notch more--I guess only half of
that is accounting and half will come from cash.
Anyway, I am thinking that even with a few quarters
of modest losses plus the charges, they'll end 2006,
that's right, they'll end next year with something
on the order of 65 or 70m. The current marketcap
is 63m--so this is not a great discount to cash,
but certainly qualifies it for this thread.
I know DPII isn't on anybody's radar, and I've
been blathering on about it for some time on my
thread as well as the DPI thread, but since my
position is 25% in the hole, I have think it is
not in my interest for it to trade so cheap.
I could be wrong. Sometimes it seems you have to
move a lot of shares cheap before things perk up
again, and that may be the case here. I suppose
you just cannot know where the bottom is for sure,
or when the smart money (if any) is buying in.
Value trap or bargain, I cannot say. Several posters
on the Yahoo thread are bearish, and while they
make some good arguments, I think their case was
better made a year ago--not at this valuation.
I see that I last posted to this thread and pointed
to Arena, which among others made a small cap value
scan on another thread. ARNA doubled this year--Ouch!
That would have been a nice trade. Geeze I suck.
Right there in front of my nose, and I keep sniffing
out cat loaf with my picks. |
