Wrong. It is going down because inventories are growing much faster than revenues again. You can't just look at EBITDA. A biopharmaceutical with a basic monopoly with good free cash flow (probably $5+ per share over the next 4 years) should not be trading below book value. 1.4 ($26.26) times book value is a fair valuation and 2 times with some growth would be a good valuation.