OK - so the Warehouse obviously made a lot of mistakes and forgot to change with the times. Still - it must be worth something.
Their average EPS (over the last 10 years or so) are 25 cents, future average EPS estimated around 20 cents. Analyst consensus is $2.65, though coupled with an "underperform" recommendation.
A good board and management team would have plenty of opportunities to build on the strengths (and there still are some - the red sheds normally have plenty of customers (other than the blue ones) and Noel Leemings and torpedo 7 don't do too bad either) and lose all the redundant and inefficient ballast ...
So - how much would it be worth for somebody to pick it up (assuming Steven Tindall is prepared to sell) and turn it back into a better business?
What do people think is the underlying value? If I take the 20 cents future earning and a PE of 10 - This would make it $2 per share. If we accept a PE of 12.5 we are already at $2.50.
Add the 10 cents dividend (until end of the month) and some value for gaining synergies if somebody does tidy it up ... maybe the current share price does not look that bad?