Williams Inc has the following financial characteristics:
Total value of net assets
$870 million
Intangible assets
$150 million
10% debentures
$300 million
5% preference shares
Deferred taxation
$25 million
Ordinary shares $1 each
$200 million
Using the net assets basis of valuation, what is the value of one ordinary share (to the nearest cent)?
The correct answer is: $1.23
Total net assets
870
(150)
Total value of tangible assets
720
Preference shares
Debentures
(300)
Deferred tax
(25)
Net asset value of equity
245
Number of ordinary shares
200 million
Value per share
$1.23
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