PAC - alt asset managers and valuation, page-2

My valuation considers:
a) dividends including franking credits (franking credits valuable to Australians)
b) funds under management on a look-through basis, as PAC holds minority stakes
c) optionality from existing stakes to grow their funds under management and other fees
d) optionality from management in buying or selling stakes

Others also use book value. But this is mix of mark to market and cost basis which isn't right.

As for minority vs majority stakes, PAC is about buying and selling stakes. It is easier to buy and sell with minority stakes.