Back in June I did some sums on SEV - see my post here.Here are...

Back in June I did some sums on SEV - see my post here.

Here are some rough calculations using more recent figures:

CASH: $1,024,853,000 (assuming $350m has been spent on acquiring CMJ shares since end of FY08/09)

CMJ shares: $410,564,082

WAN shares: $379,549,193

PRT shares: $28,982,859

ENG shares: $7,380,365

Other shares (including TLS shares): SEV is said to have invested up to $500m in TLS, but let's call it $300m to be on the conservative side.

Total liabilities (incl. deferred tax liability of $237m): $297,494,000

Equity belonging to TELYS3 holders: $496,364,000

If we add up the above cash and equity holdings, and subtract SEV's liabilities and TELYS3 equity, we're left with a figure of $1,357,471,499. This works out to $7.13 per share (assuming 190,260,281 shares on issue) - i.e. SEV is 11.6% undervalued.

If we ignore the deferred tax liability, the pre-tax figure comes to $8.38 per share - i.e. SEV is 24.8% undervalued.

Note that I haven't even included SEV's investment in the media business. Also if the TLS holding is worth $500, then you can add another $1 to each of these NTA/share figures.

However you look at it, SEV looks cheap.

Would be keen to read your comments.