Another couple of quick points here: There is guaranteed $12.83 in assets on PAC's balance sheet - $8.91 is effectively cash The three high performing boutiques will not lose value - add $3.92 Net $11.72 after debt
This is an 11% return on current share price (minimum over two years) - $1.20/$10.52
This means the remaining boutiques are a bet on a greater return. Assume PAC board only gets $52M for these holdings or $1 per share. This is a 21% return on current share price - $2.20/$10.52
Believe it would be conservative to assume that VPC or ROC, if sold, are undervalued based on fair value. This would add another $1 to the return. This is a 30% return on current share price - $3.20/$10.52
Best of Luck Lost
PAC Price at posting:
$10.52 Sentiment: Buy Disclosure: Held
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