My investing thesis didn’t explain my valuation methodology and any “target price”. This is deliberate as…… well I am lazy to type out all these figures. It’s easy to do it on a piece of paper but hard to explain in writing unless I draw up tables, and well, that’s such a chore. But since a sharp eyed reader (NeVeRAgAin) brought this up in the comments section, I feel compelled to explain my thoughts. Firstly, the only thing of significance with regard to the balance sheet, is the amount of debt and the cost of the debt. I have mentioned earlier that I don’t understand why NRA Capital attached a 2.2x P/B value to it. The balance sheet is significant only for the debt it carries, in this instance. I’ve already explained in Part I, how the cashflow derived should cover it’s debt for 2017. So Geo Energy shouldn’t ......