The following figures are taken from Louie Co's statement of financial position.
$m
Goodwill
60
Non-current tangible assets
200
Net current assets
50
10% bonds
30
Unsecured mezzanine debt
20
Ordinary shares of $1
40
5% $1 preferred shares
10
Reserves
210
Using the net assets basis of valuation, what is the value of an ordinary share?
The correct answer is: $4.75 per share.
Company valuation = 200 + 50 - 30 - 20 - 10 = $190 million
Value per share = 190/40 = $4.75
Goodwill is excluded from this calculation.
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