largest nz private education provider, page-16

There's certainly assumptions in any value method, no doubt. I've done a few scenarios (even an accurate ebitda model need share issue or debt assumptions to arrive at a SP value. I presume u realise ur model assumes 100% debt).

The key, and easy part to see, is that value should comfortably be above current levels. No doubt.

In theory the market would normally be starting to factor in 2015 expectations. But with the deal not yet consumated that hasnt happened. Market being very slow to cotton on here imo.