Valuation...Correct me if I'm wrong but I understand VUL owns a third of the shares in Atlas Salt.
The market cap of SALT is $60 million at today's depressed* price. VUL has a market cap of $16,000,000 at today's market price, their interest in SALT is worth $20 million or about $0.15 per VUL share.
Combined with their other prospects, my personal view is that this stock is undervalued.
My opinion does not take into account any possible intrigue or management issues with either company; the stock seems to be selling at a discount. What am I missing, if anything? Comments welcome.
*"depressed" is my opinion only