This valuation gives it a 0.8 price to economic book value ratio, implying that the market expects a permanent 20% decline in NOPAT for SNDK. In the short term it is possible that SNDK might experience a decline in NOPAT, but over the long term it is hard to imagine this company experiencing the kind of permanent decline that its share price implies.
That price translates into a price to economic book value ratio of 0.5, which means the market is predicting a permanent 50% decline in its profitability, an awfully pessimistic assumption.