undervalued stock - help please

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    I heard some time ago that a stock is only worth what the current market is paying. Yes, that is right, But.. we continue to search for undervalued stocks, accumulate and sell when the market rerates them Upwards hopefully. Nice Theory. Anyway.

    Well, look at EIR which was 8.8 cents last year before Equity 1 Limited from Hong Kong did their thing and it went down & down. At the time of the Equity 1 Limited bid, the independent valuation said the stock was worth approx $42M or 14 cents per share (most likely). Since then they have purchased a 10% share in NILNAV as an investment for $3.3M. This is estimated to worth much more now at about $10M based on what was said at the last years AGM. All in all, the total worth would now be $52M or 14 cents per share still. Now so what ?

    The stock has since moved up from a low of 1.4c to reach 4c recently on good volumes, and has now moved back to 2.7/2.8 cents.

    Now HELP PLEASE. What do the experts say to do ?