Hi Guys:  Came home, did a stock filter and this company came up in the filter.  Never heard of them so thought I would try to value the company.  Need some help.

The company run ice rinks in Canada.  Has 22 facilities with 68 rinks.  They rent out the ice, earn revenue from food concession and sport stores in the rinks.  $100 m in assets.  The company is kind of like a hotel in that they have a building and rent out space in the building.  Seems to be a good management team.  Increasing sales, and earnings.

I calculated a WACC of 8%
NAV of .40 maybe .20 don't have my notes in front of me
EPV of .07
IV of .10
ROIC of 4%
Market price of .08

I need help.  What's your opinion of business risk?  High Med or Low?  Possibly it should be the same as a hotel business.  Would that be low or Med?

Also, in the calculation of ROIC, is invested capital "market value of assets" or "book value"?  in this case it makes a big difference since Canlan has a lot of real estate and it has increased substantially in value.  I used market value, but not sure if that's correct.

75% of shares are help by one shareholder, so chance of catalyst is low.  Does any know where to find out who the other major shareholders are?

Any help would be appreciated.

Thanks

John