SP will always sit a bit below book value, so even if $4.99 is the current value (note it listed @ $5 a few years back), ppl would rather the security of cash... so SP may settle around 10% below your calculations...
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- bcm 3.6 equals cash 2.2 plus 1.4 for assets
bcm 3.6 equals cash 2.2 plus 1.4 for assets, page-2
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