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chaosdiablo     30-Jul-2010 01:23  
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NAV - $1.562 - not account for the profit it earns from selling One financial street

Cash from balance sheet : 164M

Recent divestment of One Financial Street of 610.9M, 45% = 280M

Pay loan of 143.5M = 136.5M

Total cash after completed sale = 164+136.5 = 300.5M

Cash/share = 300.5/634.3 = $0.4737/share

EPS 13.7 cents
PE 5.62

Hence, for $0.79 - $0.4737 = $0.3163, we get all their properties and the retail businesses.

Undervalued???
 
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