RE:New Research ReportStart with any of those ratios... and then add at least $0.10 per share for all of the cash on the balance sheet, and that doesn't even account for the additional excess working capital (A/R way larger than A/P).
No amount of spin by Howard Group or Christopher Gulka will convince me that $0.43 is a fair valuation.
BTW: Note the EBITDA multiple on the Howard Group website... 11x