I would have thought given the excellent track record, offset to some degree by the cyclical nature of the FUM, would warrant a P/UNPAT of about 15x? On that basis something along the lines of $8.10. If you want to then also consider the cash balance then that is worth another $0.60, which makes me about $0.20 more bullish than @madamswer
FID Price at posting:
$6.52 Sentiment: None Disclosure: Held
