mfs earns 100 million ebitda 2009, page-14

Why discount 20% on Stella business? If that's the case, MFS should sell 100% and get $600m+ for it? (based on $409 divided by 65%).

I have a value of $1.28 (based on 490m shares) just on Stella business. If zero valuation on the FM business, this should give a floor price of $1.28 unless the market considers that business as a liability than an asset. If that's the case, MFS has to pay CIY to merge LOL.