Valuation, page-6

@Klogg I have indeed come to realise it's an almost impossible task to get a grasp on every related subsidiary. However, great point re: the cash, I have adjusted my figures accordingly.

So, my quick valuation then... Based on these accounts (taken at face value), I get the (book) value of the DevCo at 0.54c, the REIT at 0.09c and the parent at 0.54c leading to a grand total of $1.17. Without even considering the contribution of future cash flows, if there was a 25% haircut on the realisable value of assets and we liquidated, as Buffett would say we'd almost be buying a $1 for $0.50 cents.

I have since also run the same valuation on the latest Qtrly - Dec 2014 I think. My figure has popped up to $1.21 for those interested.