sales update, page-11

mvanle

Unusual methodology, you're carrying through a 7.25% RRR and a book value of $2.42 per share for a start.

This is how I'd do it, as usual lives and dies by the assumptions and inputs.

RRR=10%
NPAT=20-50M (going forward, not just 08)
Book value=$708M, Shares=317M gives $2.23 BVPS
ROE= (20-50M/317M) = 2.8%-7.1%

Valuation = (ROE/RRR)*BVPS = $0.63-$1.58

Of course a break up and asset sale would net more than that. GTP will have to improve ROE to prevent that from being the best long term option.