HTI think a WACC of around 10% is right for OZL, which is...

HT

I think a WACC of around 10% is right for OZL, which is essentially their Cost of Equity as they don't currently utilise debt.

Companies with a higher debt/equity ratio generally have a lower WACC, particularly those that engage the low rates on the European bond markets. The cost of debt should also be discounted by the corporate tax rate as it is a tax deductable expense.

Its a valid discussion as you point out the WACC used has a large bearing on the resulting NPV.

I agree with your other metrics used to calculate your $2.17 NPV.

I would buy a stock that is trading at a 35-40% discount to the derived NPV using this method. So for context OZL between $1.30-$1.40 would represent a sufficent discount to its NPV.