If it was Equity Value (per share) that makes the current SP even more overvalued. That's because Equity Value is Enterprise Value (per share) plus cash, investments, less all debt. Remember that AC debt had already been reduced (for getting 100% of UK and 95% of AU) in the Ernst & Young calculations.
Do you have the report on hand? If not I will find the data tomorrow.
A New Dawn, page-350
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