The +170.1m$ OBL-only FV PBIT shown on slide 12 is once only
No, it is not, because it pre-dates the financial closure of the Ares deal.
As for what they have left: 1) 83m$ OBL-only cash (before receivables), 2) a net cash inflow of 78.5-91.5m$ from the Ares deal, net of full debt repayment, warrant exercise and transaction costs, 3) retained FV on the continuation Fund of 122.5m$ (valued at 80% of FV, as per Ares deal pricing), 4) residual ex-Ares FV of ~400m$.
Even if you value the last component at 40% of book value (i.e. 50% discount to Ares pricing) and divide for the fully diluted share count post warrant exercise (338m), you get ~1.325$/share, which is above the current SP. In other words, even under very conservative assumptions, the market is still ascribing no value to the fund management platform.
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