Smokedog and anyone else interested, below is a Spreadsheet I did a few weeks ago, while attempting to value Chapmans based on the info we currently have.
It's obviously not perfect and I hope you give constructive criticism on the assumptions I've made. But my idea is to share info and work together to reach a consensus view of how much this thing is actually worth - on the info we currently have.
Assumptions:
I had to make some assumptions to get the calcs but I tried to be very conservative.
- VAMP - I valued at $20m upon listing (like RFN) with D4 stake the same as RFN - 48%. These are assumptions but I think conservative.
- CMY - $500k - I think conservative also
- DSM - I went by the latest capital raising information given, and reduced CHP's stake to 30%. I think this is conservative.
- I put a nominal amount on all of D4's other assets at $5m. I think its important to give some value to it as CHP bought a 15% for $700k, so its worth something, not just RFN. I think I am being very conservative here, and that there is a lot of upside to come from here.
- Everything else is given. Also, if you change the RFN stock price in the grey section, it updates the calculations. At the moment only RFN is listed on the ASX from the D4 assets.
