Hi Defabstar,
I am not qualified to jude on the correctness of your calculations, but it would confirm was SWAP & Co have several times said, that CER is at these levels totally undervalued and that, in case of a split from CNP or a liquidation, CER would be snaped up very quickly from the big guns who haven't put a takeover offer on the table because of the current problems associated with CNP.
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