While the math you have presented is technically correct, the...

While the math you have presented is technically correct, the way you have applied it isn't. It will, imo, potentially lead to incorrect value conclusions. Even though there are currently 100m SOI you need to consider that FLT is currently trading on an 'ex-rights' basis during this near-term capital transitional period. In short: the market is currently trading on the basis that SOI has already increased to ~198.5m shares (rounded to 200m), even though the processes associated with the Insto Placement and Insto & Retail Entitlement Offers and new shares actually issuing have not yet formally finalised. Forget the MC that HC is reporting. It's based on the old SOI and is currently sending a false signal because it's based on numbers that will not be completely updated for another ~3 weeks.

The bigger picture is far more complicated by the fact that this CR was not simply a raising of $680m (net) (and associated near-doubling of SOI) for working capital purposes under normal run-of-the-mill operating business conditions in which it's generally business as usual. The business has experienced a major, major disruption, which has effectively forced it into some kind of weird hibernation, which gives rise to a wide array of significant flow-on effects that combine to have a material impact on the ultimate value of the overall business enterprise (EV) and, by extension the value of the revised traded equity (MC).

I appreciate that all this might sound quite esoteric, but that is the simple truth of it. The larger point I am trying to convey here is that accurately determining the MC - and, by extension, the post-recapitalisation SP - is no easy task, given all the extraordinary factors that are currently at play and very likely to be a feature in the near/mid-term future. This is why we have witnessed (and will most likely continue to see) significant volatility in FLT's SP/MC .