RE:RE:Valuation & Necessary CatalystsI believe that Frank looks at the value by what's in the bank, what's the fleet worth, what's the real estate worth.
He adds in the after tax value of the work in progress and places a value on the recurring maintenance contracts. He would have a value for prospective work due to his client list.
Finally, he knows the value of the postal code.
In the future, they may not need to jv given their internal resources and skills.
It adds up to a premium to book. Over 4, sub 5.
I believe he wants to work thru this unprecedented work period and then make a decision.