RE:Should have $0.12 cash per share by year endCET is trading at a steeper discount. I give no value to fixed assets in this environment. What I do is take current assets + right of use assets - all liabilities. I use right of use assets because companies like CET and ESN both have "lease liabilities" associated with those assets, so if we're including those liabilities we should include the associated assets as well. When I do this approach, I find CET is significantly more undervalued. I happen to like both, but it's obviously a very difficult environment for the services companies, and what I like about both ESN and CET is the minimal debt. I wouldn't want to hold the indebted names even though WRG is showing good insider buying. I also like TCW because of the clean and strong balance sheet.