Based on mickeebee numbers:
- Management Rights @ 4x earnings = $450m (MR are generally trading at 10x at this size so would be worth more than 4x)
- Balance Sheet NTA of $850m x 80% (discount for fire-sale) = $680m
Total value = $1,130m
Shares on issue = 181.4m
Price = $6.22/share
MR @ 6x and no discount = $7.71/share
If it got to $6 then I would be backing up the truck.
Ann: Funds Under Management - September 2023, page-66
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| No. | Vol. | Price($) |
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|---|---|---|
| $10.40 | 34 | 1 |
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