John, Here’s my quick and dirty for Hallador:
Currently not screaming cheap.
Hallador has traded to .6 book before. Current 1.2x. Highest is 4.4 or 30.36 ($4.14-$30 2015 TBV)
ev/ebitda 3mth op. inc + depr = 22341000/.25 to annualize = 6.9
industry multiple (still using the same from CLD) is 8.91
for approx 58.65 – 61.8
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TBV is 6.8. Current price is 8.42.