worth of csr less sucrogen, page-2

I will throw around the following for general discussion.
Using a simple capitalised earnings method as a very crude guide to apply to the figures (excluding Sucrogen) in the 2010 annual report;

sustainable EBIT pa / capitalisation rate % or required rate of return

say, @ 10% required rate of return

ie $.251 million / .10 = $2.51 million

plus inventory, .364 million

then, $2.954 million / 1.5 billion ord shares

= $1.92 per share

say, @ 12% required rate of return

ie $.251 /.12 = $2.09 million

plus inventory, .364 million

then, $2.254 million / 1.5 billion ord shares

= $1.64 per share

These estimates might suggest the separate parts are worth more than the conglomerate value and that the present share price reflects quite a negative market sentiment.

Disclaimer
Please note that I am not providing valuations, advice, information, recommendations or predictions. The above statements are merely my own comments and thoughts as an ordinary shareholder without any special skills or knowledge. I absolutely disclaim any responsibility or liability whatsover for any consequences arising from the use of my comments and thoughts expressed. If you require advice or information, you should seek the services of an appropriately qualified independent expert professional person as well as do your own proper research.