here's the valuation breakdown from goldman sachs...

here's the valuation breakdown from goldman sachs report

Tattersall's valuation
Victorian gaming $m Per share Comment
PV* of remaining cash flows 631.3 $0.90 Operating cash flows until April 2012
PV* of `refund¿ for loss of licence 191.3 $0.27 Refund of $598m
PV* of proceeds from sale of infrastructure 170.0 $0.24 Assumed sale of infrastructure for $200m
(assuming $100m book value)

Victorian lotteries 49.7 $0.07 Operating cash flows until June 2007 and assumed sale of infrastructure for $30m
South African gaming 64.4 $0.09 Operating cash flows into perpetuity, discounted at 14% cost of capital
Other
Net cash 242.8 $0.35 Net cash position less $71.4m trustee c ommission
PV* of imputation credits 160.1 $0.23 Dividends paid until expiry of licences
Excess imputation credits 57.0 $0.08 $95m in excess franking credits
Core valuation $2.24
Option value 273.9 0.38
Total 2.63
* Present value
Source: GoldmanSachsJBWere