No, it shouldn't be valued like that. INL wont be earning anything, no dividends, no cashflow from their interest in BSM unless they sell.
The only ways INL can benefit from BSM are if they sell their stake, or if BSM are prepared to fund a project or development with INL.
It is shown time and time again, with companies having stakes in each other, that they do not track each others performance and are valued quite seperately.
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