"lower grade nand" - Here's an interesting area SIMO is trying to excel at (may already). Maybe a good volume area.

SSD's up 100% YOY, and greater than 5% of revenue

DSO went from 91 days to 71 days
Inventory days went from 127 days to 115 days

EV/SE ratio is 0.14 (27.6 mil/190 mil)
If we subtract goodwill/intangibles (77mil)
the ratio is 0.23
It is thought that any ratio less than 1 is selling less than book value (another way of calculating liquidating value)

9 month sales has been about 64 million.
If sales are flat, (23mil) SIMO will make 87 mil (its current market cap is 88mil. P/S ratio is 1. (this doesn't take into account profitability). oh, yeah we paid 90 million for FCI.

Ben Graham's "liquidating value" is about 80 million

Ben Graham's "Net Net Working Capital" is 81 million

Market Cap is currently 88 million.

The market can remain wrong longer than you can remain liquid

I'm looking for another entry!!
g