Hi msn81,
Back of the envelope calculation.
The Exchange is making $350M profit per year, less (say) 50M for wages and expenses = $300M, less tax = around $200M NPAT
The multiples would be very high so (say) a multiple of 20-25 = MC of $4B to $5B.
The current MC for BPG is $20M so potential is 200-250x
A lot of water to go under the bridge yet. Best case if all the ducks line up.
Spozzie