@stan255,
Good synopsis of the landscape.
BWF is the minnow of those (a mere $32m Market Cap company), with $20m of that backed by the 8.7% interest in WOT (Cash is equal to Total Liabilities).
Which means the BWF Funds Management business is effectively being valued at a mere $12m, compared to the $145m ot $150m which today's takeover bid effectively values APD's Fund Management business.
But as you say, BWF's Fund Management business is sub-scale, and is basically breaking even while APD's made around $4m in PBT for FY2020, and a similar amount in DH2020, so running at $8mpa annualised.
But with Revenues from BWF's Fund Management business being aroound $5.5m pa to $6.0m pa (around $5m pa in management fees and maybe $0.5m pa to $1.0m pa in performance fees) being around one-third of the Revenues of APD's Fund Management business, one might reasonably say that BWF's business should be worth a bit more than a mere 8% of APD's. Maybe 20%, or 25% even.
.
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