You can't necessarily value Fibre Network at Replacement Value - not usually the case. By including the Fibre Network and Profit Multiple your confusing NTA versus Enterprise or Business Value. Also, can't include value of IIN and then use a multiple of their profit as you have done in 10 x NPAT (where NPAT includes IINET share).
Look at say, 5 times EBITDA for FY10 (rather than historic) and that shows Company Value - without takeover premium which you wouldn't factor in. Then divide by total diluted number of shares. Should be above 17cents.
Still believe the Options won't be exercised close to year end though lets see.
AMM Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
