I just bought a heap of Xanadu Wines (XAN) at 15.5c. This stock looks real cheap to me with a NTA of 26c and an underlying profitability (before one off charges from their recent acquisition of Normans and redundancies). They will have more than $6 million in the bank after the current convertible rights issue, so cash is not a problem. On July 4, Xanadu forecast a NPAT of $2.4 million this financial year. They remind me of Great Southern Plantations at 40c each at the height of the bad sentiment for the timber plantation sector. For comparison
Evans & Tate $1.13 NTA 36c Cockatoo Ridge 49c NTA 19.6c Xanadu 16c NTA 26c