If you wanna me put a simple valuation based on the IPO of SARCO and based on your assumption as follows:
If ORD retains 25% equity in SARCO then ORD's share would be 150,000t.
SARCO shareholding will be:
- NFC 25.5%
- ORD. 25%
- New shareholders buying IPO shares 49.5%
paid for CASH of $180m - $200m for 49.5%
this indicates ORD 25% share can be selling for $90.9m
giving sp of 19c to ORD.