@lost I agree with your calculation and came also to the same conclusion.
Just try to calculate a fair value of PAC, based on : - the valuation of their 5 % in GQG, - valuation of the rest. I suppose I will take a cautious approach for this part, with something like a PE of 10 x, for PAC result ex.GQG.
One of the tricky part of this kind of sum of the parts (that I have with several of my stocks), the real value should be the value of each part, after potential tax on capital gain (if they had to dispose the different elements). And we know that the potential tax on capital gain on GQG is significant, given the price they paid for it.
In most cases, this calculation of all the assets, after tax on potential capital gain, is very difficult to do as we have rarely all the elements to do it.
