target priced $22 dollar, page-47

Hi bcatist, obviously a difficulty as it is based on holdings at November in its AGM preso. You can be confident that the main holdings (TPG, New Hope, Brickworks) remain at the same levels as there would be a substantial shareholding notice posted.

There is no doubt some roatation in the company's large cap portfolio but the change in the ASX200 index is a good enough proxy for the change in value.

I agree that the emerging companies and private portfolios are basically impossible to value with any confidence. As they comprise a smaller amount of the companies portfolio for the PE portion I have simply added 3% on to the ASX200 loss. With the emerging company portfolio I obtained all the companies listed in their Nov AGM and calculated the average loss of these companies from the AGM report date. With the structured yield and property portfolios I have added a 2% price appreciation to these portfolios. Defintely these parts of the business are impossible to accurately value but I feel like its a 'good enough' guess.