2 businesses here, direct and retail. Current market cap implies that you are getting the retail business for free. Retail is about $100mm in sales and if they ever turn a profit, this could add substantially to the main line of business which generates $12-15EBITDA.

Titantic likely worth $3-6/share. Operating business of Bodies and its 11 exhibitions are tremendously profitable. Increased # of shows, better profitability (they now run the shows nearly 100% by themselves) and initiatives to bring in house sponsorship,gift shop, food and ticketing revenues should fuel future growth. In addition, the company continues to introduce new concepts with a new exhibit theme to be introduced in January. Company should generate over $1 in eps next year.

FCF yield over 5%, company growing by 10-12% over the next decade leads to very good value for a company with ROIC's over 40%