Strap in. Lift off., page-279

KAR Enterprise Value profile @ time of GOM Acquisition:
MC - A$1.64b (based on SP of $2.05)
Cash at Bank - US$80m (A$121m)
US Debt - US$300m (A$455m)
Petrobras Deferred Acquisition Liability - US$220m (A$333m)
Imputed EV: A$2.307b

KAR EV profile @ 30Jun24 (7 months after GOM acquisition):
MC - A$1.5b
Cash at Bank - US$400m (A$606m)
US Debt - US$300m (A$455m)
Petrobras Deferred Acquisition Liability - US$132m (A$200m)
Imputed EV: A$1.549b

Exchange rate of 66c used.

Does this imply that the KAR SP should be $3.05 ($2.05 X 2.307 / 1.549) at 30Jun24?

I must have made a mistake here but I just can't find it. Logic error?

The 30Jun24 Cash at Bank is questionable. Especially given GOM earnings will likely be retained by the JV to fund US$120m (our share) in future CapEx.