MS International - A valuation using return on net tangible assets

MS International (LSE:MSI) has a very strong balance sheet and decent profits history.  But what about the relationship between the two?  Given the large amount of net assets devoted to the operating business, does it generate a good rate of return on the money invested?
With a Warren Buffett-style investment I expect to hold “forever”.  In the long run a share will not generate a good rate of return for the shareholder if the rate of return on assets used within the business is poor. 
We are looking for double-figure percentage return at the very least. Preferably high teens or twenties.
Over a long period the rate of return on assets determines the rate of return on shares held.
 
£’000s  Year end April 2020     2019  2018   2017  2016
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