Can someone correct my figures if they are wrong:
1. 2 years ago, PPT bought PDL's $111bn AUM for $2.5B (price = 2.3% of AUM)
2. Our enterprise value today is $3.3b ($2.5b market cap plus 0.8B debt)
3. We will get worst case $447M ($2.175b - 0.771b debt - 0.435b transaction costs (@ $20% - 0.522 cap gains tax (@30%). This equates to $4.03 p/share...with franking credits).
4. That leaves our Asset Management business (with no debt) worth $2bn on AUM of $227.4B (value = 0.9% of AUM) (or $18 a share)...less thank we paid for half of that AUM 18 months ago.
5. I understand its hard in Funds Management at the moment, but I think the remaining asset management business should be $37-47 a share (1.8%-2.3% of AUM). Add the $4 p/share dividend on corporate trust/WM and we should be $41-51 p/share equivalent in 2 years (excluding any ongoing dividends) after the transaction.
What am I missing?
Movement afoot, page-43
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