It's always good to have an anti-thesis to one's thesis in order...

It's always good to have an anti-thesis to one's thesis in order to consider another perspective, risks vs opportunity:

If we use current share price as a reference then we can consider asia (China+singapore) making up 294/663 of the group's total EBIT = 44%.

Instead of guestimating based on NTA and past PE ratio I put forward to you the effecient market hypothesis: that with millions of investors the current share price sits at a true "average" and sum of all of the investors insights and thus is "fair".

As such since the announcement and learning of the new information, there should be MAXIMUM (EBIT isn't everything) 44% drop in the share price. We also have to consdier the company's goodwill (Strong reputation) and debt ratios. This has already been factored into the mix int he past via the PE price premium.

Debt/leveraging can amplifying or buffer the price impact of a big drop in EBIT. This company has been steadily increasing it's Debt to Equity ratio for the past 5 years and the last time time I checked we were hovering around 30% for TWE. As such, I think the total drop in share price would be closer to the 44% figure rather than the 11% that's occured so far.

Thus, I think the price may still have some ways to go to be sitting at a more neutral level once again. I don't think $7 is an reasonable price expectation, and with the amount of debt this company is in, I'm watching this space very closely.