Bell Potter like DGO according to this recent note, and point...

Bell Potter like DGO according to this recent note, and point out the headline discount to NTA (screenshot beneath). Whilst I like DGO as a more diversified way of owning some DEG exposure, I don't see this discount to NTA as the strongest argument for owning it. As with any holding company, one should factor in tax, no?
Based on DGO's average buy in price for DEG of circa 10c, I estimate they would have to pay something like $50m in CGT if they sell, so the discount to NTA is basically there to account for tax that will be payable. We can certainly debate or try to guess:
a) where DEG ends up in terms of share price (hopefully a lot higher) and
b) when DGO may end up having to inevitably pay the CGT (hopefully tax can be deferred for many years until DEG becomes a producer, or if DEG gets taken out by a major, we may get scrip based rollover relief, but even then, DGO are likely to sell and recycle into new small cap opportunities)




So is it really cheap right now? The discount to NTA if you adjust for tax doesn't appear to be such a big deal.
Would be interested in others views on this...