Wom
thanks I overestimated the value of the Synlait stake 143m and cash on hand. But current cash on hand is 286m Synlait stake 143m add a further cash profit of say 160 for end of year then we have a net tangible backing of 590. Then you have to add the value of the franking credits (over 100) and their physical assets (about 50m) So book value is very close to a dollar per share, and then you have to add value for discounted future earnings, which would be over 3billion (on a 10 year basis). So really we are still very undervalued because the market is attaching no value to the Synlait stake and the franking credits and the cash in the PE.
Morgans Upgrade, page-8
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