Tuscany Drilling's (TIDZF.PK) stock is currently trading at 13% of its Net Tangible Book Value (NTBV). You read it correctly! The value of the company's equity is a mere 13% of its NTBV (remember NTBV is the book value of the company's assets minus any intangible assets (like goodwill) and also minus the net debt of the company. In theory it is what would be supposedly left over for the equity owners if the tangible assets were liquidated and the debt repaid). In this article I will attempt to articulate the opportunity for high alpha but temper this opportunity with an understanding of the serious challenges the company is currently undergoing with respect to the condition of its balance sheet....
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