The market is valuing this UK manufacturer below liquidation value while it continues generating cash.

NCAV 1.3.

TBV 0.8.

EV/FCF 4.7.

P/FCF 4.9.

20% owner earnings yield.

The business sells beauty and skincare products into major UK retailers, generates recurring cash flow, and recently restored margins back to 45%.

Meanwhile management already repaired the balance sheet and reinstated the dividend.

Feels like classic deep value.