G'day Redfaces,
You are technically correct of course.
However, I am not that finely tuned. I just believe that CST is worth LOTS more than the current SP. Yes, we can play around with DCF valuations (I do like them) but in the end there are too many assumptions (guesses) that need to be made to be able to fix an actual dollar valuation.
To borrow from somebody much smarter than I - "buy with a margin of safety"