After looking through the Preliminary Final report I work out the value of WBA as follows:
32.6M shares in Tassal at today's $3.40 price and after CGT - $99.8M
With the loss making Industry Services now sold this leaves EBIT of $2.8M and $4.9M for the Vegies and walnuts divisions respectively. With interest of $1.2M and I calculate tax of say $2.0M this leaves NPAT of $4.5M. The sector is on a p/e of around 18 so on a conservative p/e of say 15 gives a value of $67.5M.
Therefore total valuation $167.3M with 62.1M shares = $2.68 per share (of which $1.60 is purely the value of the Tassal holding).
Have I missed anything in my calculation? I assume I have as the Board of WBA are considering the offer from FCL at $1.40 per share. If the Board thought the offer was way too low wouldn't they have knocked the offer straight back?
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