Ann: Investor Roadshow Presentation, page-138

I don't know much about Macmahon but I'm guessing they have a significant debt pile ie enterprise value is probably a more accurate measure than market cap.

You may be right that the share price does not reflect true value of the assets. There are a lot of bidders and investment banks sniffing around the Cooper so you'd think that there'd be ample opportunity by thopse 'in the know' to price in the asset sales into the share prices in advance.