stella debt, page-2

yes logie they have got it completely wrong.

according to that logic the ev is 1.3/0.65 = $2 billion

but you have to seperate the equity from the debt

so the value is 409/0.65 + 803 = $1.432 billion

or 52% of what it was valued 2 months ago ($2.7 billion)

make no mistake this is the worst possible deal for shareholders. analysts expected stella would fetch $2bn at firesale prices. even UBS in its worse case scenario valued the equity in stella at $712 million.