In short: The same net-cash screen applied to a Korean game studio: "there's this Korean gaming company called GRVY, which is a 430 million market cap with 400 million of net cash. Trades at 0.3 times EV to EBITDA, once you take that cash out, and then they make the game Ragnarok. It has a high concentration there, but it could be interesting to look at."
Gravity is a Korean studio that makes Ragnarok, a long-running online game. It has a $430 million market value and $400 million of cash — so the business itself is priced at about $30 million, or roughly a third of one year's operating profit. That is the same negative-enterprise-value screen as Baso, applied to a company that actually earns money.
The obvious flaw, which Singh names himself: nearly all the profit comes from one game franchise. Concentration like that is exactly why the market refuses to pay for the earnings — and why the cheapness can persist for years unless the company starts returning the cash.
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