is this real, page-9

If you go by the UBS Research SOP Valuation (remembering UBS is allegedly acting for KKR):

Using WOW metrics

If we apply the corresponding WOW EBIT margins to CML’s F&L, Fuel and Convenience, Kmart and Corporate divisions and value them at the same EBIT
multiples at which we value the WOW divisions, we derive a SOP valuation of $16.00 per share. This is a 55% premium to our current SOP valuation.

If we take this valuation and apply a 25% premium to both Target and Officeworks, we derive a valuation of $16.77. We view this type of valuation as
a potential exit valuation for any private equity acquirer of CML.