what value?

Disclaimer: Do you own sums and don't rely on me - this is less than an hours research for a start.

I've been doing some rough sums on FEA's balance sheet and P+L. I've come up with an adjusted book value per share of about 23 cents per share
To save time explaining . . . i've discounted all receivables, standing timber, land/properties for sale, and some other fiancial assets by 20%. I've also discounted all milling assets, buildings by 40%. Other intangibles worth $0. Then I add on the $35m approx from the cap raising.
Total equity would be $213.5m.
Shares will be 932m - so adjusted book value per share is about 23 cents.

Another factor is that Wilmott (WFL) has said in their documentation that they factor in about 25% of revenues from initial MIS subs as profit. FEA have been factoring in about 40% of these revenues as profits from what I can make out. This being the case, you might adjust down their NPATs by $15m in 2008, and $7m in 2007. Obviously more revenues being counted towards profit in year 1 means less to be allocated to profits in years 2 to 14 or however long. It also may mean bigger dividends and payments to managers at the expense of leaving a cash shortage for carrying out their longer term duties (or higher borrowing requirements). I cannot quickly work out a valuefor FEA based on profit expectations, but do note that reports have been good from the milling sikde of things.

Good luck to all holders, rights subscribers and traders.

I'm going to take up some of these, so I guess my sentiment is short term buy, (As I can get them for about one-third of my adjusted book value, and there is a sector asset overhang due to Not-So-Great Southern and Timbercorp being chopped up, that will sort itself out over time).

cheers

MM