MMR is tax free.
According to my calculations, on 45% tax, GBA should be valued at 77% of the MMR share price.
On 22.5% tax (CGT discount), GBA should be valued at 9% more than the MMR share price.
On 45% tax, BPH should be valued at 19% of the MMR share price.
On 22.5% tax (CGT discount), BPH should be valued at 28% of the MMR share price.
