Funds under Management are not your assets so some very poor calculations happening regarding valuation of CNP. Your simple answer is way out. Need to go back to their Annual Report & breakdown their assets/liabilities then allocate to regions i.e. Aust/US. Then need to run various percentage price changes to assets. Liabilities can stay constant for exercise. Also need to adjust asset value of Service business. Excel spreadsheet will produce a range of answers depending on discounts used. Your simple model is not the right approach. Regards Buffett PS No advice or answers given you need to do your own calculations & research
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