Easiest way is to explain with an example.
GBA
Shares on issue: 28,220,174
SP today: 0.53
therefore MC of GBA = $14.9 mil
GBA has about 11.7 mil Advent shares, thus 14.9/11.7 = $1.27 for an Advent share (This is what I call the value of their ownership in Advent, each of the companies has a different value)
