Price to sales? The metrics to look at on this are price to free cashflow and EV / free cashflow. Earnings are negative because of depreciation and accounting losses. The value here is the free cashflow being used to pay down the debt, and as they do the enterprise value shifts into equity. With a healthy balance sheet they could pay a 30% dividend. Or buy back 30% of the company per year at todays price. (Based on free cashflow)
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Price to sales? The metrics to look at on this are price to free cashflow and EV / free cashflow.
Earnings are negative because of depreciation and accounting losses.
The value here is the free cashflow being used to pay down the debt, and as they do the enterprise value shifts into equity. With a healthy balance sheet they could pay a 30% dividend. Or buy back 30% of the company per year at todays price. (Based on free cashflow)