Agree with your estimates 'Jonesw' however per my calculations (even taking into account the current debt level) I have it at 26.8c on the lower side and 38.3c on the higher side(if a few things come together with production and costs).
Although the above calculations assume the perception of management's ability has no influence on the SP, which unfortunately if you look at the AAM threads it does.
Therefore, adding a discount to the current SP for the 'Market perception' factor we are where we are today. If managment can sucessfully change this perception the value is there in the company for at least a SP of 26.8c.
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