RE:Comps? https://www.sedar.com./DisplayCompanyDocuments.do?lang=EN&issuerNo=00025398 read the business acquisition report on Sedar, so essentially we can learn a few things
Estrella Paid 122MM$ in Cash for the company which has a very similar asset base to Tuscany Except:
1. Rigs seem to be much older and lower spec (Amt of depreciation would also indicate this)
2. Company received a few extra coiling tubing units that cannot have too much value
3. The company they purchased was extremely burdened in debt, such that, on top of the 122MM$ in cash, the company had a W/C deficit of ~40MM$, LT Debt of 36MM$, and another 40MM$ in other liabilities
This Equates to a value of about 238MM$ in aggregate consideration for the company purchase,
(which includes 3x2000HP Rigs, 1x1700HP rig, 4x1500HP rig, 2x1200HP rig, 4x1000HP rig, 6x550-900HP rigs, 3x550HP W/O rigs, 3x250HP W/O rigs, and 4X coiled tubing rigs)
I would argue that given that tuscany has a number of accounts receivables that it can collect ~50MM in W/C surplus (probably more than that realistically, the company should be valued at at least at 285MM$ which would leave a significant margin for shareholders to receive something