By rough...

By rough calculation:

http://www.theaustralian.com.au/news/csr-sugar-demerger-makes-sense-but-why-the-rush/story-0-1225737024192

"Buildings products companies generally trade at a multiple of 6.5 to eight times EBITDA, whereas agribusinesses trade at a higher multiple of eight to 10 times. Graincorp is trading at a multiple of 7.2 times, Nufarm at 8.6 times and ABB at 9.2 times, although that includes a takeover premium element because of the Viterra offer.

The EBITDA of the sugar business is about $140m-$150m and a multiple of 10 times would give an enterprise value of $1.4bn-$1.5bn. The EBITDA of the remaining activities is about $300m and a multiple of eight times would produce an enterprise value of $2.5bn, for an aggregate value of $4bn."

CSR shares outstanding: 1.316 bn
EV of sugar (and indicative price by Bright Foods): 1.5 bn
EV of building: 2.5 bn
EV (cash) per share of sugar: $1.14
EV per share of building: $1.90
Sum of parts EV per share: $3.04