Summary
- XpresSpa has pivoted its business from an airport spa business to an airport Covid testing business.
- XpresSpa has 99 cents a share in net balance sheet cash.
- It earned roughly 5 cents a share in the third quarter driven largely by Covid testing at airports.
- It is expanding this testing activity to additional airports and quarterly earnings should go up.
- A price of $4-5 per share is reasonable and would represent nearly a tripling of the current price.
