RE:cheap, cheap, cheap!Care to share how you get your number? I get P/E ex-cash as something like 10.9x with a $5 share price.
Earnings through Q3 = $3.2 million. $3.2 million divided by 3 then times by 4 (to get a 2019 full year estimate) = $4.3 million.
Cash on balance sheet at Q3 = $19.8 million. Minus $1.1 million spent on buybacks since Q3 plus $2 million estimated cash flow in Q4 = $20.7 million cash
Shares outstanding = 13.5 million. 13.5 million shares times $5 share price = $67.5 million market cap
$67.5 million market cap minus $20.7 million cash = $46.8 million
$46.8 million divided by $4.3 million = 10.9x P/E ex-cash.
The onlything I can think of is my earnings number might be too low, so my P/E might be a bit high, but the ratio definitely isn't "well under 10x" unless I'm missing something major.