Do we think these scenarios (from AFR) hold any water from 11...

Do we think these scenarios (from AFR) hold any water from 11 Feb 2021 (centred on the demerger case Morganp!)

Wagering and Media - $3.2bn to $3.6bn
Lotteries and Keno - $8.7bn to $11.5bn

Low case = ($3.2bn+$8.7bn) = $11.9bn / shares on issue (~$2.217bn) = $ 5.367 / share (+16.42%)
Mid case (mid of both ranges) = (($3.4bn + $10.1bn) / shares on issue ) = $6.09 /share (+31.1%)
High case = ($3.6bn + $11.5bn) / shares on issue = $6.81 /share (+47.7%)

So, assuming that demerger happens and/or sensible bids - a few cards in hand there - some pretty nice upside cases even at the low case.

DYOR of course.