It appears that NorthForce13 hasn't been on Stockhouse (or at least on the TSL board) for several days.
Regardless, it's clear that he used 2nd Q (at June 30) numbers in his calculations & not 3rd Q (at Sept 30) as he implied.
A quick recheck of his source (after my initial response) would have immediately made it obvious. My calculations were based on Sedar's 3rd Q financials, but if you check Yahoo Finance (US site), their balance sheet format shows a line titled "Tangible Book Value" so they actually calculate it for you.
The DBM number is $19.091M & the TSL number is $130.855M (see links below).
The default view is Annual so you need to click Quarterly to see 09/30/2022. https://finance.yahoo.com/quote/DBM.TO/balance-sheet?p=DBM.TO
https://finance.yahoo.com/quote/TSL.TO/balance-sheet?p=TSL.TO The calculation is often used to "estimate" what shareholders would get back if a company liquidated. In this case, TSL shareholders would receive about $4.63/share (current SP = $3.50), while DBM shareholders would receive $.22/share. (current SP=$7.40)
It, of course, gives no consideration to future earnings power or future dividends. Also, neither company is in danger of liquidation, and all financial formulas & ratios have pros & cons depending on the industry & company in question.
It does, however, give a stark comparison that illustrates, in my opinion, the significant under valuation of TSL shares.