Hi all,
I am beginning to think there is gold in the Heartland.
If you refer to page 20 of the 2012 annual report
http://www.heartland.co.nz/_upload/r...eport-2012.pdf
You will see there is total equity of $375m, which includes $20m of goodwill (there is $22m of intangible assets, of which $2m is software)
Strip out the goodwill, and the company is worth $355m.
There is around 389m shares on offer, which suggests that $355m/389m = 91c per share.
Current price is 68c, or 33% less the net asset backing less goodwill.
What am I missing here?