what a funds management business worth? part 2

AReit follows may have seen my posts on CHC take-out and implications for trying to come to grips with instrinsic value for VPG. A little hamfisted but I am persevering.

I worked out these numbers for BEC based on CHC take-out of Mac Bank funds and BEC metrics at 30 June 2009:

- NTA 0.23 cps
- Add 0.12 cps being value of the funds management business @ 1.5% of AUM ($1.7Bn)@ 204,820,547 securities on issue.

- Resultant instrinsic value is 35cps - trading at a quarter of that today.

Comments... have I missed anything?