also kop1000, flt's consensus fy08 earnings are $1.434 per...

also kop1000, flt's consensus fy08 earnings are $1.434 per share, giving it a FY08 P/E of 16.2x

ubs estimates stella's fy08 NPAT to be $71.2m

applying flt's p/e of 16.2x gives an equity value for stella of $1.15bn

add stella's net debt of $1bn, and you get an ev of $2.15bn

your valuation of EV =$1.3bn, gives stella an equity value of $300m or 4.2x FY08 NPAT, which is a quarter of flt's multiple

like i said, stella will fetch about $2bn