An analyst gathers the following balance sheet information (in $ millions) for a company:

Cash	2.5
Accounts receivable	7.5
Inventories	15.0
Net fixed assets	25.0
Total assets	50.0
Total liabilities	22.5
Common shareholders' equity	27.5
Total liabilities and equity	50.0

The market value of inventories is 110% of reported value and the market value of net fixed assets is 115% of reported value. All other values are as reported. There are 2.0 million shares outstanding and the current share price is $18.00. Using an asset-based valuation approach, the company's shares are most likely.