2 times free cash flow! Tva group is trading as if it's on the verge of bankruptcy. At these prices, the reward justifies the low risk as their working capital more than offsets their short term debt obligations. In the last 12 months, free cash flow is approximately $25m with $50m in working capital and a market cap of under $100m. If we subtract working capital from its market cap then we have a company trading at under 2 times free cash flow!